I don't know Zeev. When and if INTC (which did a week or so ago like you mentioned) and MSFT breakout, and if CSCO follows with buying, all with volume I think GN-03 will be pronounced DOA (for phase-II and phase-III). Buyers exhaustion or not, I can't see anything remotely possible to trigger such a decline during the time table given, along with the price, by the Turnips.
Not sure if CSCO has enough bad stuff to drag everything else down with it or not (I suspect not), but the only way I can see GN-03 working as planned is for a time extention into the October time period or by altering upward their targets pretty dramatically. In fact, I'd be highly surprised to to see it go just 50 points below phase-I. If we don't get below 1330 within 10 days or so, I'll be looking forward to your rethinking as mentioned before also...
Heck, the new bull even has leaders like ASKJ now. <gg>