The Nasdaq always seems to walk to a different drum as our last low was not anywhere near match the other index lows. Are we in a short term bull trap? I had a quick look at the VIX as well and sure enough, it crashed as well, but now contains a big gap above present prices. This means the VIX is not finished as anther leg up should happen as the markets head down another leg.
I didn't mark them in but this Nasdaq chart is riddled with holes or gaps like somebody use it for target practice at a shooting range. On big gap just opened today, but there must be about 4 gaps still open above todays price level.
This tells me that eventually all these gaps will get filled and it is only a question of time not "if" they will get filled. I slice my trend lines right through one top which went right through the gap. This is to be expected at any potential ending diagonal and has nothing to do with any throw-over.
More and more I believe that these throw-over pattern created by experts are just an attempt at shoehorning in a wave count. This never works even though it can look like it coincidentally.
In the next week or so we need the markets to head down again and this Nasdaq chart has some catching up to do.