As you can see from 18600 Nifty is making new Higher Lows and Lower lows.
As per Dow theory assuming the breakout projects the uptrend and trend reversal considering 16400 as the low.
A New Low should be formed above 16400 to validate this analysis. If 16400 is not respected dow theory is voilated,
and its going to be a bloodbath, Lets hope nifty makes a new low around 17150-250
I will update on the Idea regularly.