We will review once again J200 (Top40) 30 minutes chart to see what the possible outcomes are.
J200 broke trend line few days ago and did back test it on January 27th, making at the same time first lower high. After making that high J200 plunged and lost 1100 points as of yesterday around 11:00. Around that time it tested low that was made on December 10th of the last year, breaking and closing below it for one bar, just to close above it immediately on the next one. From there on J200 bounced back to test 20 exponential moving average and it was stopped there and closed below 10 ema.
Very important level to watch is that low from December and yesterday. If that is broken there is very little support all the way down to 27000/27100 zone.
On the upside, close above 50 exponential average coupled with making higher high will bring bulls in control.
Trade with trend!