As long as SOX continues to hold up, I am not yet in LT Bear camp.
SOX led both the decline into 2003, and the decline into 2009.
Today, it is doing just the opposite by showing tremendous relative strength.
Until that changes, I am now leaning towards the "one and done" severe panic correction into March 18, with retest on the 23rd , followed by 90/10 breadth thrust on 24th.
We will see things thing play out over next few days, but am now thinking possibility for "Y" type bottom in March without full retest of the lows in April, as I had previously been thinking.
That said, if SOX were to get a weekly close under 1250, then things would look a lot more bearish on all fronts.