We are perhaps a day or 2 away from being able to make that call.
This market is entirely about watching the Mega Caps...as I have been saying for months as we have watched them drag the indexes around like a doggy toy.
As I noted throughout this week, the kind of area we are in now with cross currents on the time frames is notoriously the hardest to predict. Once the time frames sync up, then should be easier to try to play for trending move. Pretty much for bears, it is all about taking out the Mega Cap pivot lows, and for bulls getting back above the top of that big red failure candle on Aug 26.
TSLA on Friday "perhaps" negated the opportunity for further downside with the gap over 290, and it has definitely been the early leader on almost every move up going back for quite a while now, including this last multi-day ramp when I noted how well it was holding up, just before it launched from 275
Apple on the other hand has done no such thing...yet...although I could make the case for a bottom at 154 area...IF...it does not go hard down on Monday in the same time frame the very similar 1937 Dow analog did.
And perhaps the very best chart is AMZN...do not think I have seen such a perfect S turn above and below the 900 line in all my years of looking at these.
AMZN is "most likely" about to have a very big move...either back above the 900...OR..HARD DOWN
So perhaps wait a couple more days before making your assured pronouncement.
I am open to either outcome as a good trader should be, and hoping to make a nice swing killing once the decision is made.
As an aside, Eric Hadik earlier predicted that 2nd-3rd week of September would be when the big hard slide would begin, and AMZN AAPL MSFT GOOGL all still potentially well setup for it, while TSLA would likely need a big gap down on Monday or Tuesday at the latest for it to make sense there.
Also note the DAX is trading below the 900 day, and that is bear territory, and "surprises" most often come to downside in bear markets.
But yeah, if bears do not take it hard down within next couple of days, this chart could climb back out over 900, and start to look better.