"We have technicals that are breaking down, and we have moves that are accelerating down, and we have breadth that is increasing down. We have death crosses on many indices. We have topping formations that are happening in conjunction with a flattening 200 day MA and a clearly downturning 50 day MA on every single major US index. This is the main reason why I wrote: Real.
If you are a bull or a bear, it would make sense to wait for a clear bottoming move before either covering shorts or going long. This move is building up steam and is not something that makes sense to stand in front of."
http://marketthoughtsandanalysis.blogspot.com/2010/07/formations.html
A good post from Binve reminding us not to get too cute about the short-term squiggles !
excellent chart work below
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