Does this one chart line spell doom for the markets?
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The Nifty has began a correction. While trend indicators have turned down, the chances are that 5240 support will not hold. We are now looking at a correction of the 4800 - 5365 up move. There is strong support around the 5150 area.
U.S. markets are on the verge of breaking down from the lows made in Feb - 1040. This is equivalent to 4675 low in the Nifty which was made in feb. Then, by comparison, the Indian markets can fall a lot more to 'catch up'.