The relentless trend from the Feb 2016 could be close to a pause on some tech markets. Particularly the NDX and COMPQ. Both markets can suggest the trend is close to ending either wave [3] or wave [5] from the Feb 2016 lows. Personally I think the better idea is to suggest it’s close to ending wave [3]. Although I can see the merits of the other idea when I look at a weekly chart, it can clearly be counted as a 9 swing move from the Feb 2016 lows.

If tech stocks are about to decline, then I think it’s close to a reversal. If you own some of the momentum tech stocks you may want to tighten up those stops.

The alternative idea I am watching, is that it’s also possible to count it as the end to wave [5], so essentially it’s the end to the whole move from Feb 2016. However without any serous downside below 5800, I will give the bulls the benefit of doubt and suggest it’s close to ending wave [3] and setting up for a decline towards 6000 for wave [4]. If the COMPQ declines as I suspect it will, then expect the SOX and NDX to follow.

The NDX is virtually the same as the COMPQ. Whilst I don’t track the COMPQ much, I do track the NDX daily. So we have two wave counts that can make a solid case of a decline setting up. One idea suggests a move towards 6000; the other idea suggests a more significant decline below 6000.

Until next time,
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