Market at Crossroads: Will the Next Move Be Up or Down?

After 1200 points down side in 5 days, will nifty continue to fall more or it will consolidate for the new upside run ??

Nifty looks oversold in smaller time frame, looking at those it seems we should see some bounce back up !

Overall to stay cautious and stay alert on the indexes, would suggest to stay away from Futures and Options.