SEE DOW CHART. VERY LONG TERM SUPPORT SHOULD BE TESTED OR LAST PATTERN SHOULD FOLLOWED? EVEN IF PATTERN FOLLOWED THERE MIGHT BE MORE DOWNSIDE .AT LEAST 150/200 POINTS.

And this is chart of volatility index (us).

what I had earlier written is still on blog. Compare it.

See the same day on which i posted here it bounced from mini red channel.Broke the upward trendline and since last three days there is a correction.

Call section

Positional: Buy nifty with sl of 4913 for tgt of 5060.
******If 4913 is protected then buy NIFTY 5200 CE. It can be a lottery.
This is of course my personal view.

Cautious or Aggressive...?????

See the volatility index for US market.
It is lower to september. If it breaks red mini downward then some upside might be there in market.But... if it getting bounce exactly at trendline of mini red channel then some short term correction is possible. After this we have to see whether it is breaking red mini upward direction. If this happens then there might be significant fall in market.

Interestingly S%P and DOW is near strong resistance when volatility index is @ support.