Return of the bears!

Todays breakdown from the trading range of the last 2 weeks has important ramifications:

1) Nifty has broken below 34 day EMA. If this hold this could be bearish
2) Nifty had formed a head-and-shoulder pattern and it has broken down. The target could be 3600 levels
3) If we break the low of 26 may - 4090 then this could further reinforce the bear market. The gap that was created by the gap-up on 18 May looms ahead.
4) There is a global sell-off happening

Elliot wave enthusiasts are talking of wave 3 of 3 which is the most brutal.

This could prove to be the end of one hell of a bear market rally. We seem to be back in bear-land. Be prepared to make money by shorting!