If I have to take an impulsive guess, I'd say it needs a miracle within days now. Stall warning. Stall warning. Stall warning...
Longest the market ever managed in this state was more than two weeks in July. Do I have to remind people of the outcome of that glorious idea? Let it go, there is no rally coming, finally stop the mania or the bust will deepen! Even if someone with enough money comes and for whatever unlikely reason starts a rally, what happens once that person runs out? Can everyone simultaneously sell into him?
But it may already be too late, they pushed so far by now that I can't tell anymore.
I don't understand your sentiment. Yes, we had a correction after irrational bullishness. Is the longer term trend broken? Not yet, as I see it. I think of the last 2 weeks as the inverse of the dips we've seen on the way down during july - november.
Already after $5.5 I was expecting a period of correction to kick in but then it went even higher. So no surprise that this happened. I just regret not selling a bit while it was at $7.2 anyway.
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