The NASDAQ broke support yesterday and stayed below all day. This is a clear sign that the strong primary motive wave off of the March low is now over. A corrective wave is the next phase. The double top and Friday's drop was the first correction wave sequence. That was a small correction for Wave 5. Now we should see a full corrective wave in response to the complete 3.5 month long motive wave. Due note that it can make a new ATH during wave A. The scale of the drop is yet to be defined. Also, it is not clear if 2 more primary motive waves will come after that. I am leaning towards no more motive waves due to the S&P 500 already being in its "cycle" corrective wave sequence. That would mean that we have reached the end of this complete "cycle" motive wave that started many years ago. It also means that we could very likely see a bottom in the future (month, end of year, next year?) that is lower than the March low as the market tries to correct back to the mean. Only time will tell if I am right.
Hope it helps.
Hope it helps.
