What happen to good earning and the stock goes up. This of course is the importance of discounting, or the market is too expensive. FAANG with the high P/E takes the blunt of it. Elliott Wave tell us after the rebound there is another down wave and yesterday’s same day reversal confirms it. We are now in wave 3 of this correction and today is day 5 of this down wave. Watch CNN fear/greedy index and put/call ratio to help find the bottom. Today CNN is at 30 and 5 day average of put/call ratio is still 1. There is more room to go on the down side. The market is in correction. The trend is down.