NDX - has the new downdraft already started?

Today's sell off has a bear market stamp all over it. The dilemma is: do we need another rally to complete the correction of five wave down impulse?. Lately, NDX acquired a habit of making double tops, so be on look out. The problem is also that the corrrection is fairly shallow, not even reaching 0.382 retracement.

I would still be inclined to wait for the c wave, but if it does not materialize soon, we would have to conclude that the long awaited bear has started.

Kommentera:

The count which assumes that correction is over, and that new leg down has already started at the open is definitely taking front seat, as I said, sell off has a clear bear stamp on it.