May 4th prediction follow up…

The Nasdaq-100 ETF is down 5% since the top prediction on May 4th.  I expected $35 or possibly the $35-$36 zone to be the topping area for the complex corrective wave or impulsive wave upwards.  I believe $35.20 was the mark.  Put options are up huge; profits should be trailed or monitored if not already taken, or partially taken and trailed.  How will we know if this was the impulsive or corrective variant?  By the current retracement, if it persists.  Of course, the basic rules of EW state that W1 cannot be retraced by more than 100% by W2, so that will be a clue.  Otherwise price action and sentiment will guide market observations.  The $vix appears to be moving up off the level posted in the May 8th post.

3:34 PM