I don't think we need to actually go much above the 450 new highs or so to justify continuation of the trend. I would worry more of the emergence of "weak classes", namely the start of expansion of new lows. If on the next run to a new high we get 400 or so new highs, that would be sufficient to contain a following decline to the 8% to 12% range (as long as new lows do not expand too much, IMTO). If we get to 600 or so new highs on the Naz (about 20% of all issues) in one day, i would actually worry that a major top might be put in place (too extreme, but of course, other extremes will have to be present as well). If we make a major new highs and the new high list does not hit 300 plus, that would be a divergence to worry about as well.
