We got our pop and drop. Here is the most bearish thing $COMPX could do right now.

The $COMPX did in fact pop and the drop hard.  The fish is very very tired.  If the chart reverses here and pulls out line (goes up dramatically) for the rest of the day in order to form a 5th wave ending diagonal throwover then I think it would be the most bearish possible setup for the NASDAQ composite. Being that it is the leadership sector right now, nothing will float if this boat goes under.

If we get a big reversal rally into the end of the day then on Monday or Tuesday this thing is going to Gap and Crap.  It seemingly makes no sense sense to say this, but a rally here would be bearish as it would complete a big ending diagonal and put a nice bow on the topping.  It would suck in all of the people hoping for more upside early next week.  All they would remember is "reversal from negative to positive."  The would not remember "it gapped and crapped".

I'm not saying this ending diagonal has to happen, I'm saying it would not be bullish if it did.  It would be mega bearish yet all of the talking heads would be going ga ga over it.  If we see this I am buying more puts on GOOG and FB.   And maybe a few leaps on CMG and PCLN too.

My original target for the $COMPX peak was 4400 or 4440.  It would take perhaps a 2 day rally to hit it so perhaps Monday would rally as well and then tank at the end of day or perhaps on Tuesday.  Don't ask me why 4440, you really, really do not want to know.  I really hope it doesn't hit my target exactly.  A little more, a little less is OK.

We won't have to wait long on this!