Even though today has been a strong day, there is still a possibility that the market will fall further before the correction is over. The good news is that if the market does continue to fall from here, the downtrend is well over halfway over.

The 47 support level propelled QQQQ much higher today. It was the third day that the support level was hit and it is possible that a rally may be formed from here. Whether or not this is a new uptrend we will not know for a while. We would need to see a break of 48, followed by a sustained break of 49 before we could start considering the bottom already being in. We believe that the maximum fall would be to the 45.50 area.

SMH found support at 37 for the third time today, but has a lot of room to move higher before we can access whether this is only a short-term bounce or a new move higher. A break above 38.80, followed by a move above 39.80 is needed before we can answer this question. We do not see the ETF moving below 35.50 if it continues to fall.

It is difficult to know IWM's next move as the ETF has already broken so many significant support levels. We do not believe that IWM will fall below 72 during the correction, but it will be a while before we know if today was the bottom of the correction.

The good news is that most of this correction is already over, regardless of if we have more downside to go before a new uptrend.