<<What's the count for NDX/COMPX/QQQ off the top? >>
Well, if I'm looking for a five wave move off the top, I would say that we've had down/sharp up/down/ and then either some jello (in the smaller time frames?) or we're in some sort of jello now. We'd get a new low tomorrow, likely after some more jello-ing around, or straight away. Then we'd get a correction up -- or your whipsaw. But can the whole move down just be a three wave move of some sort, and therefore be complete? That's one confusion for me, as many things are set up right here for a bounce, and I can't make a five wave move out of the down. (FWIW, the SPX looks more like it could be done with jello here, and looks much more to me like it needs another low along a similar count as above).
Semis are in trouble -- SOX about a point and a half above the 78% retrace. Bios look weak, but yeah. . . a bounce seems due. Lots of folks pointed to the 915 area on the S+P as a logical bounce spot. It pretty much held. Dow? I see no reason for it to turn up here. The thing is, I do see a lot of bearish things: trendlines broken, gaps down over support, weaker stocks acting weak. Even banks had a bad day. But we look set to bounce, vix hit the 50 dma and retreated, EOM stuff, etc.
Anyway, I know you only asked about the count. that's it above. how'd I do?
the freep |
