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Large Correction Underway?? (8th May 2024)


1. U.S Markets closed flat Yesterday. 
2. All the indices closed slightly higher.
3. Asian markets are mixed.
4. U.S VIX is now below 13.
5. India VIX is now at 17.
6. Last 7 days , India VIX has rose from 10 to 17 in a Jiffy.
7. This shows fear in market.
8. Right now , there is more of Uncertainty than fear.
9. Uncertainty relating to election verdict is creeping up in the mind of Market participants. 
10. Voter Turnout percentage is low so FII's expect a surprise may emerge out of election verdict.
11. That's the reason the FII's are selling in such large numbers.
12. This is a proper correction now as thus is not based on any news flow.
13. I sense most of the correction is
already done.
14. The Volatility expansion is a problem currently.
15. For markets to settle , India VIX has to settle.
16. Whenever India VIX settles and goes down,  markets will automatically settle and start moving higher.
17. As of now , the trend will change only when we get a closing at days high.
18. Until then it's going to be negative trend.
19. India VIX above 18 is a dangerous sign.
20. 22200 is an immediate support.
21. If this breaks , we would be heading towards 22000.
22. For the trend to reverse , we need to have a closing above 22500.
23. Nifty might trade between 22200 to 22500 today.

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