It seems like there is a topping pattern that has a good chance this time. That is the Head and Shoulders pattern that develops during an intermediate top in the stock market averages.
These reflexive selloffs that we see tend to become in aggregate a top. Eventually we run out of bargain hunters. Or the bargains arent' what they seem.
The recent trouble out of Cyprus has given the markets the jitters. This was the way the news came out in the past tops. Small selloffs that were all part of the same general financial problem and eventually the investing public became aware of the problem.
Time will tell.
Here is a chart of the Standard and Poors 500 stock index with my notations....