Penetration of 3896: Spring or sign of impending doom?

The index is hanging by a thread already from the support at 3896 which was also penetrated in today's session. Luckily, the market slightly recover at the end of the session closing at 3902. From the looks of it, we just entered the oversold levels.

Note: Oversold levels can remain oversold on a downtrend and vice versa.

"Good news" from the overseas doesn't seem to have effect on our market. The drop is probably about inflation.

There were hardly notable gainers for today except LPZ gaining 4.4% MER with 3.42% and SMPH with 2.50%, completely bucking the trend. Major losers today are the previous week's third line gainers.

Well today I simply sat tight and watched the ticker as panic selling ensues at the opening, recovering slightly by mid session and closing lower by the closing.

AGI closed unchanged today, forming a doji on the lower end of its trading channel which I am assuming that the candlestick is bullish as it is also accompanied by low volume(selling pressure is easing out).

There were crosses at the closing by CLSA. ATR chumped on a huge volume at around starting at 11.12.

NIKL might continue to correct in the short term as suggested by decreasing ROC. A bounce from 50 RSI levels is probably a good entry.

The third line issues did what I was expecting them to do(to disappoint) so
I am just waiting for the stops to be hit. Or sell on rallies.

I made a trading plan on CPM, PAX, MEG, and T over the weekend. Everything are going withing expectations but I decided not to execute the plan and put on additional positions at risk until I get out of the weak positions on the third line issues.

PSEi: Doomsday scenario

As the moons of Mars and Earth align, just kidding.

Possible scenario for PSEi if it completely breaks down from support:

Fire burning on the dance floor

Everybody is running towards the nearest exit.

Previous all time high at 3896 is broken. Next is 3820. Doomsday scenario is happening?

Bullish failure swing on CPM? If yes, bound for a reversal.