OK thanks, JT. So the XJO being part of the Asian markets was behaving INCREASINGLY BULLISH during November and December. Your chart being of the XJO doesn't necessarily correlate with Euro markets, quite frequently, and if Europe was becoming INCREASINGLY BEARISH, does that mean that the US indices and XJO were displaying fake rallies for 4 months with probably no days of even a 1% retracement? In fact the Dow reached a level 16% above it's EMA 200. Do you believe that all global markets need to be in sync to be convincing? I guess this is your point. Please correct me if I have got this wrong.