Trends do not change easily. Even the shift from a bull market to a bear market took a long time. The strength had already been fading gradually, but it still required time before the trend clearly turned. The current market mood still feels impatient, and there seems to be a strong tendency to assign too much meaning to short-term price moves. My view has not changed. I still believe further downside remains open. Even if this level turns out to be the cyclical bottom, it would likely take a considerable amount of time to confirm it.(mignolet)