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.

Doesn't QQQ look like a bear flag that may want to collapse further and fill the gap below?

Has broken the support line.  Bears need to break 11540 now.

Hi Matt / Steve 

Is there a link to this live open trades table posted somewhere?  This is an extremely useful table and would be quite helpful in determining what we are in at any given moment.

Matt can you please post a link to this explainer video?

Great points @fundamentalvalues.

It seems that 90% of traders are in a bear mindset now.  I think surprises will come to the upside.

I purchased some QQQ OTM calls for 1-2 months out a few days.  Massive upside potential on those 

I plan to buy some OTM puts once we get back to around 4100-4300 resistance area. They should be dirt cheap at that point with excellent risk/reward.

This may be the first sign of shrinking margins.  This normally comes early in a recessionary phase.  Till now major corporations have been passing on expenses and margins have not been shrinking.  This could be serious?

This could have been the wave 2 pullback with a larger wave 3 possibly starting now?  
With everyone being so bearish this could lead to a lot of short covering / FOMO, and lots of "upside risk".

I am going long here with a tight stop below today's lows.  Target is 330 area on QQQ

nice trade Kobie

Nice looking wedge.
We also have 5 waves down inside the wedge 

Both COIN and U are top 10 holdings for ARKK

GOOGL finally joins the plunge.  It did a good job of holding out until the final 15 minutes.  Now all of the tech "generals" are in free fall with little support below.

Nice wedge forming on SPX.

Bitcoin has been a good risk-on / risk-off indicator recently and it looks pretty bearish to me.

Hi Matt,

Are these cycles  a BPT proprietary indicator?