NIFTY is sliding without any halt. During Mid-August-September NIFTY was sluggish which was clearly reflected in ADX indicator. During that time ADX indicator gone to its lowest point near 15, and thereafter it has started moving up and now is near 40. ADX indicator above 20 and in upward direction indicates that market is trending. However ADX line indicates the speed , but not the direction.
+DI and -DI lines indicate that in which direction the market is moving. Presently -DI(Red line) is at 36 and +DI(Green line) at 12 , therefore there is quite gape between them. Therefore next few days will be decisive, as the market has got into trending phase, the market has sped up, now only the direction of the market is to be decided.
However, direction of the market is somewhat clear looking to the MACD indicator. MACD lines are continuously going down with negative histogram.Therefore, there is little left to guess about the market direction.
In my view the market is still somewhat costly, there still something to be discounted. The market can very well go down, perhpas NIFTY at 3000 and Sensex at 10500