$COMPX update

I don't care what the conventional wisdom count says: this does not so far look motive.  Of course, this is often the case at the start of a coming big move down.  Reference the bottom of April 2014 for recent precedent.  None of that looked motive early in the turn either.

Even a move down to 4570 would not really relieve the worry since that might just be a prior gap fill.  All we can do is set reasonable stops in our short positions and wait for the wave count to better express itself.

It is still my primary model that this will break down without first hitting a higher high.  In a case like this, a move back up to mid channel around 4765 could provide the setup for a dramatic 3rd wave gap down.  It could form a DDT like that.