With the quantum leap in trading technology, most of the trades that are happening now made by robots. The robots have been instructed with a series of algorithms using historical data to support their trades. This is why most of the time technicals seem to work so well for small traders as we play together with these robots. It seems like the 50SMA line has now been broken, and the robots usually like to test the 200SMA line next which signals a possible correction from the highs.
What this means? At least 2 weeks worth of correction, meaning it could end next week or the week after. And I guess the market should consolidate after that, followed by another bull rally.
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