Although i am not done with the analysis this is just a quick view on the down moves and time analysis.
Similar analysis helped us in finding bottoms at 15300/1550 last two times. So next 1 week could be buying time with a strict stoploss on index.
Would be out with detailed technical view and possibilities in this week.
Also you would like to view the previous posts on the bottoms
The above two posts are a must read…. Btw Hindalco and Tata Steel rocking …. Watchout for MNM tomorrow.