Markets in slow downtrend.

I am writing this on my way to Shimla for a brief holiday. The AC1 chair car is comfortable, but full. Recession or slowdown is not evident here. It is reflected in market mood, with the U.S. markets showing only the slightest signs of a relief rally.
For the Nifty, the view is clear. Since Nov 2010, Nifty has ben making a pattern of lower highs and lower lows.  That is bearish. That’s not all.  The recent rally barely touched 5600, which ismuch lower than the previous high at 5950. The bearish move will be confirmed if and when the nifty goes below 5325.
It is always possible for sharp sudden rallies to come about.  Traders should take advantage of such moves.