It has the same "W" bottom that our large caps have. It found major support at the April 2001 high. It looks positioned to break out of a large bull wedge and start Wave 5. Last years parabolic wave was Wave 3.
Jan 4 - We have transitioned into a bear market. Completely different rules apply. May 23 - IMO, any price at/above this close makes a great Nasdaq/SP500 short.