The market broke support at 2198 and the correction has made a lower low. The next level to watch is 2180 and if that breaks, then we should see a real correction in the next couple of weeks. But if the market is able to bounce from this area, then we will see another all time high fairly soon. Considering oil is rallying, downside should be limited in equities if the correction continues.
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Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish