The big rally and turn around to new low is in my opinion caused by the big players who sent one of the US indexes on upside and then sold the top. This has happened before and use to be a sign that the peaks have been reached.

It was 4 o'clock in the US and only futures are being traded. If the big players had planned this it was easy to send for instance the Dow futures on upside making Europe follow and taking out all short positions. They then sold at the top themselves and got short positions while sending the futures to a new low. These big players are now sitting on short positions alone and use to sell any big rally that can threaten their short positions. That is why a bull trap like this happens and use to be a long term high. Think about it. Very easy to do.

Here is DAX 5 min showing the sudden rally where short positions will be bought back. Then the top where the big player start to get their short positions.