Hi 48&34, Those labels are in my opinion only and at this point...

Hi 48&34,
Those labels are in my opinion only and at this point in time, but just before that time - during 3Q17's low volatility period - many global markets had turned INCREASINGLY BEARISH (with the exception of US and Asian markets, that remained bullish). However, at the hint of DECREASINGLY BEARISH weekly momentum conditions, those markets turned BULLISH with upside BOs in PA occurring very quickly without the expected downside move in PA below their recent lows (including the ASX200 breaking below the 5630's).

I thought that rally was fake then, as I think it was fake now. A break below 5800 horizontal support with conviction, would be further confirmation of its fakeness.

US and Asian markets were a different beast at that time, moving in-sync with each other, with very few - if any - changing from INCREASINGLY BULLISH weekly momentum conditions. They all pretty much remained very bullish. Although this time round, there is greater participation in the downturn. This time the outcome will probably be different, but it's no certainty..