Markets are expected to open down due to Cyprus induced fear. The opening as of now does not look at bad as it looked last evening. We will see if there is any follow through and more importantly spike in bearish breadth.
As market is extended a correction of 5 to 8% may be better course but the market has had strong underlying bid and so far has not shown much damage.
I would watch for breadth keenly to see if a bearish stance is warranted. Absent that it might be another shakeout.