Correction over?

[Today, I am just writing my views without much data. Will improvise with data points to add to views going forward.]

Very very interesting times...
Clearly the street is divided - I think there are more bears actually.
We have had few panic like sessions (96% down A-D in stocks & up / down volumes). We have had few people recommend shorts evven after nifty fell by 500-600 points in a couple of weeks.
People (traders / analysts) are quite convinced that market will fall below 200 dma and go much below it.

So, i would say we bounce from here, and then go sideways till budget.
Post-budget, we will probably fall a little and then start a fresh uptrend from March.

The risk to this is with the huge rally in Dow today (assuming it lasts till close), we gap up tomorrow and there is a frenzy buying by retail again - saying that 'yay! we bounced from 200 dma and tok support there' and then we close lower than open tomorrow.
So, a lot depends on how bullish the sentiments turns to.
For the last 2-3 weeks, in economic times & moneycontrol, all questions asking about whether nifty will go below 4500 before budget (or similar questions) have had a 2:1 ratio in favor of downside. So, my view that we will bounce a lot.

Ofcourse, if we show a follow through day, and ideally a 2nd follow through day & strong leadership to confirm the 1st one, then the uptrend will be stronger and could lead to good upsides due to so many bears around.