Its based on historical data. Even in a bull market peak, when we start hitting PCR above 2, it wont sustain for more than 2 months. And now we are coming making lows from Dec/Jan, and this is a different situation, rather than seeing huge volatility after irrational exuberance after bull market peaks, we will not here as we came from making lows and instead we will see sideways to healthy correction in the markets like profit booking/churning of portfolios.
(Also, the situation in the market are different now, with lot of liquidity, high frequency trading, it could be different this time, lets wait and see if its going to be new this time)
Though we will be having three big events, like elections, budget and monetary policy in March, I think lot of the positive news is already discounted by market and giving room on upside. The upside I think for current month is around 5650 and for March about 5800, +/- 100 points.
Cheers!