We are seeing a long overdue correction from the markets finally with the coronavirus outbreak worsening over the past week. From Friday's decisive rebound from the support, we can see that shorts have been taking profits and panic selling seems to have subsided. Hence, it is wise for traders not to pile into shorts and await a further development of the trend as we might head into a small consolidation with the current outbreak seeming to have been priced into the market. With that, I expect a small bounce back to 3030(the nearest resistance) or back to the 200 MA at around 3070.