Market Outlook: What next?

Possible Support levels

Breadth deteriorates today.

Net 52-week high-low turns negative for the 1st time since the Bull market.

Markets are but oversold in the short term.

And since markets are cyclical, a bounce is very likely to follow.

I believe this bounce would be a countertrend bounce only.

And that it will soon face resistance and will be sold into.

Below are my anticipation of Nifty50 and CNX500: