Deep correction for PSEi is at hand?

Our index continue to create lower highs and lower lows. Is this the start of a deep correction for our index? The red line we placed on last time was broken around March of this year but after few days of testing the newly found support it shows some weakness. Yesterday our index fell below the slope and the 23.6% Fibonacci Retracement level. Today it went up but not enough to close above the lines.

By the way we also saw a weak bearish signal yesterday via Kijun Sen Cross. I think the immediate support for our index is at 6300 and if this will be broken we will have the 6229.45

Caveat!

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