That may be right, but blow of tops can also create triangle consolidation formations for a wave higher. Remember that this market is being held by strong fundamentals and liquidity still and that a bubble in equities can go much higher than most would logically predict. And we are in full start of the season, which will beat on guidance most likely.
On the hourly charts we still see an with the head of the pattern forming a higher low than the previous Feb low. Friday's action was at first as we opened above the neckline of the but then failed below it... up until the last 20 minutes when the bulls took the price right back up to the neckline again. Putting this in context that on daily $SPY you can see that we tested both the 20 and 50 at the same time and that we closed high enough to not completely engulf the body of the previous candle, gives you context that we might breakout of it the next time we do test them again in hopes to get up to the top of the triangle. If we continue our move down from here though, it is likely that we crash as there isn't a lot more support down below until most of the stocks hit their 200SMAs but until then I'm short term.