QQQQ/SPY the best and worst

If you've been here at WOWS for more then a week you know that I expected the ascending bearish wedges to breakout to the upside in a head fake move followed by a move to the downside, that is exactly what has happened thus far. Now we are looking at the possibility or probability of corrections, the same applies as to USO-through pullbacks and time. Here's the best and worst looking charts for both the SPY and QQQQ

 QQQQ 5 min positive leading divergence suggesting the correction has some more to go, but the red square is the initial stages of what could be this divergence falling apart, time will tell. As in USO the 1 min charts are offering nothing in guidance.

 30 min chart, this is the bigger picture and it's a leading negative divergence, this implies we are to see more downside and that we may have reached the inflection/turning point in the market as traders will seek to deleverage.

 The SPY has not showed much strength. Yesterday despite the 's being down the most, they showed the most promise and are the only of the 3 majors in the green this morning.

Here's the situation with the ascending wedge, head fake breakout-a negative divergence as expected and it has turned into a leading negative divergence. This is why I would be using any strength to get my toes wet in short positions.

Until the 1 min chart moves out of price confirmation, we won't have a good idea of where the 5 min charts are headed. Right now I still give them the benefit of the doubt for an upside or lateral correction and price has thus far agreed as we did not see follow through selling over 1% yesterday.