Of course my interpertation of the Long Wave. The dollar is showing signs of an intermediate top. This means that some of the funds flowing in this market are coming to an end. Foreign buyers are usually late to the party. I suspect the short interest is up.
Shorts are pretty sophisticated and short term.
Blowing out the shorts will push the market higher but for only a short period of time. The are a large number of industry groups that are still in major bull markets. Until there is uniformity across a large segment of the market a crash is not likely. The yen also apears to have bottomed. The volume on a large number of stocks has dropped off during the past year.