the market does seem to have recovered off the low indicated by the computation disclosed and the major support level of the 200 day moving average. The computation to estimate the pullback was disclosed so that forum members could in future do their own calculations. However, a note of caution - this should not be used as the sole guide for estimating market reversal points, but in combination with other indicators as well.
On the market - the much awaited interest rate cut has arrived and justifiably share prices are now moving up as all indications are that further cuts in policy interest rates are on the cards. Equity prices were anyway attractively priced and the only thing holding back share price gains were the relatively high interest rates.
The immediate major resistance is at around 5630, but given the fact that interest rates would be cut further (boosting corporate profitability) and equities are attractively priced, more gains are likely.