Shanghai Stock Exchange Index update

The SSEC (Shanghai Stock Exchange Index) seems to have put in a intermediate top (3478 on 4th August, 2009). The index had rallied from a low of 1674 on 28th Oct. 2008. The downtrend has accelerated and immediate support is available at 2900 and below that at 2800 (38% retracement of the entire rally from the bottom) This might be a precursor to the Indian stock market movement so caution is advised.