Nasdaq is well underway, but not where I want it to beE-mini Nasdaq-100 FuturesCME_MINI_DL:NQ1!MartechnicAnd so after a lot of stocks have seen quite violent corrections already, indexes like SPX and QQQ still had to start. The index is often slow and so low market cap stocks are often front running this correction while stocks like GOOG and NVDA were/are still hanging on near ATH. We've been preparing for this, which you know if you followed my previous updates on indexes such as this one: The S&P (future) has taken out that low that I marked here, but there's lower targets mapped: But that doesn't mean we are done. This is only the first downside target we're running into and so here's what I expect next: So what's next? As marked on the chart for Nasdaq, I am awaiting lower targets for this correction. It seems reasonable to expect that a lot of investors have been buying into new positions during the past 3-5 months. Which means a lot of investors are waiting for a reversal right now while most of their new allocations are most probably in red. So I'd say that would be too easy and we need to see some proper corrections on stocks like Google and Nvidia before we can call it a day. That doesn't mean we will reach the targets I've been showing. But it does mean I will have to wait for more PA te develop before I'd jump back in. Or in other words; until proven otherwise, the trend is down. Now that leaves us with two scenario's that I'd say are most likely: There's a quick move downwards soon to shake people out of the positions they bought "too early" during the market wide retrace. If so, that might provide for an opportunity for some bullish PA afterwards. The second option I deem possible is that we get some relief soon, and roll over again afterwards. What if I'm wrong? Well, if the index proves to be stronger and holds the bottom of the range, we simply wait and see whether the strength can endure. And if so that might provide us with a reason to enter the market again. But whatever is next: waiting sidelined until we get a decent setup seems like a wise thing to do.