I tend to agree with that. However this reminds me eerily of the markets approach of 11,000 in March/2005. That's to say this correction could be close to 10% over the next month.
This mini correction is probably already over. Monday morning at the latest. Tuesday will be a big up day.
Since almost everyone is feeling bullish now(probably due to their gambling buys at today's close) -you know what will happen on Monday..another big down day #3. Tuesday usually reverses Friday/Monday trend and might be a 38.2% bounce. However, bear markets never start with sharp drops. Need round bottoms type of top. But yall probably already know that.
This weekly chart shows a really good case for a rebound here though 1) a nice pyrapoint support from October 2002 lows; 2) huge trend line support; 3) Dec 2005 high support (used to be resistance); http://eminibox.com/phpBB/viewtopic.php?p=41#41