KOSPI at 5,938 after a 6.6% jump, is 6,198 still the lid?KOSPI Composite IndexKRX:KOSPIRizq-FXKOSPI closed Thursday at 5,937.66, down 1.2% on the day after a 6.6% jump on Wednesday, and is still about 12% off the 5,305.98 low from 23 Oct. That is a big move, but the index is still about 37% under the 9,385.59 high from 19 Jun. Price is under its 20-day (6,102), 50-day (6,540) and 200-day (6,481) averages, and the weekly chart has made lower highs since early September. The lid to watch is 6,198.46, the 13 Oct high, which sits just over the 20-day average. A bounce this sharp inside a fall like this often runs into old support that turned into resistance, so the read is only slight. If it goes down (most likely, but only slightly). The bounce stalls under 6,198.46. A daily close under 5,745.51, Wednesday's low, would be the first sign. A close under 5,305.98 would put the lows back in play. If it goes up (less likely). A daily close over 6,198.46 would say the bounce is more than one big day. Next is 6,589.69, the 12 Oct high. If it chops (also possible). Price settles between 5,746 and 6,198 after the jump. Nothing to do in the middle. Let price come to the levels. Is this the start of a real recovery or one hard bounce in a bigger fall? Not financial advice.