The spike to new highs could be counted as a small thrust from a triangle 4th wave, so we would need to see a large decline now back under 5000 to suggest the idea of a possible end to wave [5] of the larger wave 3, short term its yet to show a small 5 wave decline, but if it can remain below 5120 then I would favor more weakness now and target more downside. The NDX failed to make a new yearly high so we have a small divergence between the COMPQ and NDX.

With the market now waiting on the outcome to the Greece situation things could get lively over the next few days. The bigger picture suggests a large decline back to the 4000 area once we can confirm wave 3 (alt wave C) has finally ended. The RSI supports the idea of a peak close by, if not already in place.

Until next time,
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