NV, imo, the nas made an upthrust last week, which is a bull trap, there is a possibility that we could hold here and wiggle up a little more and todays low could be a D wave from the 4/4 bottom and we get one more up to an E wave before we go down, there is a lot of mo thrust coming off the 4/4 - 4/19 move, it needs a lot of distribution time to get everybody on the bull side and the bears sleeping.
there are some indicators that indicate the bears are asleep, but not to the extreme of the january top.
if you look at the nas, you have three drives to a top, with three evening stars in late april, early may, and last week, all on declining volume.
i give it a good possibility that the bear market rally finished last week and we are now headed to new lows in nasdaq.
the fundamentals are sucking in tech sector, and can get worse. |
