Tremendously ominous close. Bottom fell out completely. Looks...

Tremendously ominous close. Bottom fell out completely. Looks like a rush for the exit now. I am guessing the profit taking is now complete for the rally and props pulled. New floor needs to be found which could be way down as this DCB has left very few legitimate strong supports in the move up. US markets are lagging this ASX omen right now as they have done for some weeks. It's not that they follow the ASX at all, it's just that the ASX has become very very good at predicting what is coming. In this case, probably bloodshed.

In the long term though this is all OK, the market needs to correct to move up in a healthy manner. There is no way it can regain all losses in one big move given the world economy, it needs to continually test the strength and willpower of longs too.