@Ultrahisham:
4165 must hold! The markets are taking a beating. And the feeling is everything is falling. That sounds good to me. I believe the bottom is in for now. Technically, this look like the completion of the 'incomplete pattern'. The fifth wave is finally in especially for the Nasdaq. So it looks like the fifth wave of fifth to me. As such, the snap back will be strong from these levels. I am looking at 4165 on the broad market as the pivot. If that breaks, I will swing to the bearish camp which means the recent top was it and we have started the C wave down. Defend 4165 and we might be in for another final swing up to complete the B wave before the C wave down. As such, 4165 must hold for a year end rally. That is my thesis. Defend that and we are rallying into the year end. I