Barring the first couple of days, the week gone by was a boring one for index traders. Although the banking, metal and capital goods stocks managed to chip to some extent, the real outshining space was the mid and small-cap universe. The overall structure remains sturdy, but we believe that sooner or later, the market is likely to witness some correction, which would be healthy in the longer run. In the last five months, we used all dips to get into the market. But now looking at a few observations, we do not want to maintain similar optimism in the short term. Last week, we mentioned 78.6 percent retracement of the entire fall as well as the 100 percent price extension of crucial swings. Nifty has marginally surpassed it and it may even extend further. But, even if it moves towards 11,450-11,500, we continue to advise booking profits in rallies. On the daily chart, we can see a small 'Rising Wedge' and bearish 'Wolfe Wave’ pattern. A move below 11,250-11,200 would confirm a near-term reversal for some price correction in the coming days.