Nifty sold off at 2780, breaks channel (5th dn),Now the critical 2630 break may lead to more falls

Inspite of bullish global cues, Nifty got sold off at 2780, fell 150 points due to settlement liquidation.
Nifty closed below 5ema...sell on rises till it clears the channel top..

Last support for the bulls at 2630.

3240--2860 =380(1st dn)
2860-3160......(2nd up)
3160--2503 =657 (3rd dn)
2503--2790.....(4th up)
2784 - 380 = 2404(A likely target for 5th dn)

As the 3rd is already more than the 1st, 5th can be more than 380 also.

As we are in the 5th down, let us look for a possible bottom on Thursady(Settlement day) or Friday based on the world market cues. A rally past 2784 will cancel out this view and the uptrend may resume..