Hang Seng Index (correction or bust?)

Hang Seng Index became the third major index to slip into a bear market by definition after Nikkei Index and Shanghai Composite Index(falling more than 20% off its high). A break from the descending triangle support line sent the index down testing its major support at 24,000, which is the 61.80% Fib level drawn from the October high in 2007. Perhaps a more important support under pressure is the 200-day moving average. Why is it significant? The index has never stayed below the 200-day moving average for more than 1 week since September 2004. An interesting week, indeed.