Can we read something here?

An interesting chart that I happened to stumble upon. Just as a background, equity market price corrections (reversal from a bull phase to a bear phase) must technically clear two parameters - the test of time and the test of price erosion. Now look at the chart below (for larger size, click on the image):


We seem to have fulfilled at least the price correction parameter. And time corrections could be evaded by incremental positive events and data flows. Looking at the latest set of data in US (I will elaborate on this part separately in a post later), we might well have seen the worst in US.

Ofcourse the chart reflects Dow. But then, hasn't the recent crash educated us already that India and US never de-coupled in a strict sense?