The bullish divergences highlighted on this 30-minute time frame on Friday (first chart below) remained intact with the near-term capitulation final thrust down, followed by QQQ going on to hit the first target where a reaction was predicted & has occurred with QQQ reversing a mere 2 cents shy of the 165.64 level. While this could very well prove to be the end-point for this counter-trend rally, I can still see the likelihood of one more thrust up to the 169.14 area as per Friday’s scenario although my convictions are not very high at this time.