Will Nifty rally or revisit 16000??

Nifty has been on a one way rally after breaking out of the orange channel and made a new green channel....Now it is in corrective phase, and it could rally from here....2 questions we have to ask, are the valuations justifiable at these levels and secondly is there a catalyst to take this higher....Frankly when markets go up too high too fast, the corrections are brutal even though the overall trend may be up.....I don't trade nifty as options aren't my thing, But the price action is a little disturbing when you zoom out.....If we eneter a mini bear phase, I expect support at 21000, failing which, 18000 and finally 16000....This will not happen immediately, but gradually as many stocks in nifty are still over valued....I am still invested in the stock market for the long run and will average out my stocks at key levels....But just pay attention to the channels and don't have very high expectations....FIIs are still in sell mode which is partially offset by DIIs....retailers are always euphoric.....Don't take action based on my drawings, if it makes sense to you, you will know how to deal with the market.....