I have stopped believing in Support & Resistance.. they are there to fool people. I have started trading 90% of times on Waves and for the rest 10% I do not trade at all. I am not showing my counter view neither I am saying market will correct till 11k or it won't.
All I am trying to say is that market trend in continuous waves and like an ocean there are smaller waves and larger waves which when collide with each other create an area which might appear as support or resistance. Now coming down all the way from 5300 to 4700 didn't we had support or resistance levels in between ? yes we had so many of them at may be every 50-70 points of fall but did market cared about them? Was it operator action, may be but all influenced by the waves.
Two reasons that I see why we fall and fall so much, there was a completion of a bullish wave.. which means a due correction or pull back... to fuel it further there was a bearish wave so while market was about to pull back there was further force to take it back.
The current bearish wave is still due for a touch down to the target line, if we touch that line tomorrow then this bearish wave is over.. but if we gradually continue to slide it may take even 2-3 months to complete and touch down.
Believe me the more indicators you add to the chart, the more difficult you make it for yourself to see the beauty of waves. I have switched to just Candlestick charts as they look good on screen with nice red & green bars
and not more than 3 trend lines.