Since First week of January 2012, we have seen seven consecutive Green Bars in weekly charts, Which can be considered as extremely Bullishness.
But simultaneously as the Nifty has gained 1200 odd points vertically, it was bound to put very pause. In Technical Terms it is known as healthy correction Last couples of days are just a simple example of healthy correction.
I am not an astrologer so can't predict the market movements preciously, but according to chart analysis can definitely project the future movements.
Several time I have written that I am considering the move as a new Bull Market. And to confirm this Nifty has to be closed above 5200 on 31 Mar 2012.
At present I am not expecting correction more than 5100 level. From the level of 5180/5200 people are going to get an opportunity to enter long positions which otherwise left the rally so far.
Now if Nifty closes above 5200 level on 31 Mar 12, there is no if & but, Nifty is going to make new high and the Targets are (i) 7500 & 15000 by next two years.
I am waiting to take positional long positions rather than shorts, hence keeping my fingers crossed.