The NDX has been a bit more precise in technical terms and has defended the April low to rebound from wave 3 down to test the gap down at 2250 now for a second day. The current wave 4 up will be in an ABC type of pattern as we have now almost finished A we are about to begin wave B down the max to the upside is 2275 for the current wave before we will see a drop to 2200 area followed with C up to 2300 max area before wave 5 down kicks in is the most likely scenario right now. Next Tuesday when Greece votes on the bigger austerity package on Tuesday could be about the time when wave 5 down starts as I do not see any smooth solution as the 3rd July is the deadline when EU summons to vote. since we have a solar Eclipse with very troubling patterns on 1st July. Before we will see an effort for a big window dressing for end of June but Greece very likely will spoil the party. Once wave 5 down has got sentiment really bearish a bigger upside correction is likely as you can see clearly a neckline of a Head and Shoulder pattern around 2175 and the right shoulder will take some time to build but we have plenty shoes to drop globaly in the second half of 2011.