Back to Square One ?

The American Markets fell on Tuesday evening, almost 4.5% or more. This suggests an impact on Asian markets today, including India.
We have seen a slow and steady rally from the lows at 2625 finally reaching 2950 yesterday. After any rally, a dip or correction is possible. A decline today should be assumed to be a correction of the ongoing up move. Support comes in at 2835 (Near month futures) where the Nify had made a minor resistance line earlier. So far this line holds, I assume that any decline is a correction. A break below 2835 will be a sign to exit long positions, but will still not be a short selling signal.
What can go wrong ? Well, the Market can continue to slide, breaking these levels, one by one.
Have Fun!