Market broke down below 2748.3 and created a micro waterfall, that was expected… the reversal had some things worth to notice:
1st: Market advanced above 2736 (Alt6link) but failed to advance above 2757 (Alt7tlink), bearish approximations should be still valid below this 2757 line.
2nd: Market managed to create five waves up off the lows, where the initial five up of the move was a diagonal (Alt7link), this is the most constructive case we can make for a bottom at this juncture, for a more reasonable bounce to continue, market must hold 2722; failure to hold should be shorted with stops at HOD; 2754, invalidation off today’s five up should target 2681 or 2624. A consistent move past 2757 would project 2809 or 2855.
3) Additionally, while I have 2757 to be optimistic, we need to advance above 2765 per Avi’s considerations in order to look for a breakout, fundamental fact for this divergence, is that what I am counting as five up off the lows, Avi is counting it as an abc.
No new lows on $QQQ.
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