Stocks - Distribution on?

Looks like a distribution pattern to me as far as the broader indices, Nifty and Sensex are concerned. Of course, there is another possibility that the markets hit new highs, but at the moment i would prefer to believe that we are in for a correction. Economic conditions do not support new highs.

Since markets can surpise the best investment decisions should be taken carefully after due study and not on the basis of recommendations.