Have to entertain the possibility of a double top up here. Note how ADX has been in decline during this corrective wave (and even prior to the top in February). Thus, we can label this move as non-directional, a notion that is further supported by an utter lack of participation. Plainly stated : if it doesn’t have volume, it’s not to be trusted.
Consider puts on Walmart and AMCC, whose daily charts are located below. Want to be looking at the weeklies too. See AMCC for an impressive wedge. Why has this semi stock been lagging so severely? Also note IWM XLF and SMH as downside leaders on Friday.