The bottom of this correction should happen this week if it has not happened already. The ETFs we follow are at key support levels and any further weakness would push them to continued support areas. We believe we will see a substantial move sometime this week, maybe tomorrow.

QQQQ has been in an extremely tight range the last three trading days. A break of either the low or high of this range should push the ETF to the next support or resistance line shown on the chart. If QQQQ pushes higher, a break of the 51.50 area will signal that the downtrend is definitely over. A break of the lower support line would be unexpected and signal that the downtrend has much further to go before any relief. We have circled the recent volume to show how extremely high it has been. This is very common at key reversals and suggests that the downtrend is over and a new uptrend is about to begin.

SMH has fallen to the support line we mentioned last week. Any additional weakness should stay above 31.60, as there is an enormous amount of support in that area.

IWM is right above our 74 support line. As only a little action has happened between the 74 to 76 area in the last several months it is difficult to know where the ETF will stop, but we do not believe the August low will be broken.

By the end of the week we will likely know if the downtrend has ended or if there is much more downside to come. We expect a substantial move to the upside to occur this week.