All good things come to an end and bull markets are no exception to that rule. We know that and we seem to know that a bit too well.

Ever since Nifty rallied from 9000 levels in March to Mount 1oK this year, the clamour for a correction has been growing.

Almost everyone wanted for it to happen, experts who have been witnesses to several euphoric rallies in the past had gotten tired of cautioning against a significant correction around the corner.

Investors of all hues and stripes who sold a bit too early and couldn't muster the courage to get back in wanted to see the markets come down so they could buy back the stocks that they sold too soon.

The question on everyone's mind now is whether this is correction enough? Should they buy now or wait for the correction to deepen?

It is a tough question to answer. Let's see if charts can be of any help answering it. There are three main inferences to be drawn from this chart for the Nifty.

1. Markets are in a long term uptrend and this week's fall is not even close to changing that.

2. Nifty is nearing a significant support region of 9650-9700. Therefore, going short now may be a mistake.

3. It is premature to say that the correction has run its course and that the uptrend will resume but a sharp flare up may be on the cards.

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