The Nasdaq is now running away in terms of relative strength, and looks like i might be poise for a perfect bounce off the 50dma. As long as this keeps up, any correction in the overall market should be relatively mild: should it not continue, we will be in for a long September.
It is safe to say we are now officially in a correction. Most of the corrections this year have been relatively short, and this one might be as well, but so far, it is shaping up to be the most severe yet. I did no expect this to start this early, but they never do seem to come exactly when I expect them, although I did get plenty of warnings coming into it.
I will have the new highs update shortly.