May. 31 at 3:04 PM
$IGV is still the key software risk gauge I’m watching right now. It’s basically telling you the whole sector mood across
$NOW ZETA
$SNOW PLTR and peers.
We’re sitting right around a classic Wave B zone. And in this part of the cycle, chasing strength in names like PLTR or
$ZETA just doesn’t offer great risk/reward yet. The tape isn’t confirming a broad software bottom.
Could Wave B extend and push new highs above prior Wave 5? Sure, not impossible. But with RSI already elevated around the mid-70s, that scenario feels less likely than a corrective continuation or chop.
One name acting differently is SNOW. It’s been decoupling from IGV strength/weakness and is showing early signs that a durable bottom may already be in.
For now, I’m staying patient on
$PLTR and ZETA. I want them, but only when the sector confirms it. Missing the first move is fine. The goal is not catching lows, it’s avoiding broken structure.
Trade risk first, not price.
