Steve is there a plan to eventually implement an auto refresh for the blog? 

Thanks for the early charts Steve. Gives us something to chew on over the weekend!  

When you say "green is the outlier", you mean it's not a likely alternative? 

Thanks for taking the time to share your thoughts in such a detailed fashion. Matt would it make sense for me to purchase lower beta options? I know I would be increasing my risk but I would also be increasing possible reward and with the systems doing so well it seems to be worth it. For example I was thinking about purchasing options with a beta of . 30  for all of the trades. 

$NDX - If today's lows are taken out then it looks like wave 3 of a five wave decline has started. 

$NDX - If today's lows are taken out then it looks like wave 3 of a five wave decline has started. 

Well played timebandit.  That was a great R/R entry spot. I missed that one.

$VIX doesnt seem to be breaking out just yet, so this selling may be contained.  Lets see.
So far the trendline is also holding up 

$ VXN(VIX of the Nasdaq 100) has been diverging for this entire wave 5 up .... coiling ....

I am tracking something similar here:

Steve what do you make of QQQ taking out the early June highs, but $NAAD has failed to do so far?

50% retrace takes us to the top of the gap. 62% retrace fills the gap. Interesting. 

And with big tech earnings next week, its an ideal time for choppy consolidation. 

What is the difference between the dotted line and the solid lines on these charts?

I am surprised it happened today before the CPI numbers came out on Wednesday.  Not a good sign overall for bulls IMHO.

Wow, look at that potential symmetry 

Are these fibs normally not the other way around?

Great call Matt!

I am still hoping for a gap fill and a tag of the .786% retrace 

I agree with Matt / Steve that we may have a multi-week or multi-month bear rally ahead of us.  I think this plays out as one massive A-B-C and I suspect this bear rally will be very choppy and be full of smaller A-B-C moves as opposed to anything impulsive.  If this bounce is to be corrective, followed by another impulse down, then we do have to expect lots of overlapping waves here. I think its going to be a choppy ride until September.


Reducing order sizes might be a good idea to avoid getting chopped up too badly.

I think we see a series of A-B-C moves for the rest of the summer.  Lots of chop.

That is also possible.  That would be a more bearish slant :-)

Either way, pressure seems down unless this triangle can resolve upwards.