After the crash which started from 10-01-2008, market showed recovery from Mid-March and went up. In 1st week of April’08 showed uptrend on the chart but with some doubts.
But there after it started rallying down within first three trading session of May’08 chart showed bearish reversal with Three Black Crows. As the reliability of this indicator considered high, I was expecting some solid sell off with loss of 100-150 in one day. However, the marked slided lazily , mimicking the uptrend and confusing the experts and analysists .
Now, all indicators confirm the bearish mood (well, indicators were saying loudly, but I kept fingers crossed :). EMA 20 (red line) is downword, volume are at daily average (ideally it should be decreased during phase). MACD line crossover , with negative divergent (and in negative too ) in histogram. William R% indicated nose dive from overbought to oversold.
One can expect a technical re-bounce , but more down side will be there. Check this example.