NIFTY weak global clues can it withstand?

nifty has slipped from target 2 and has retraced exactly 23.6 percent of recent move.
it should bounce from target 1.
however if it falls below it my stand will be neutral unless it takes out recent high.
let us see if it bounces from from target 1 as shown in the chart.
if it bounces it is ok. if not please wait for its correction to be over to take any long position.