Yesterday, I warned saying don't be surprised if we broke 1078 today. And we did. It seems that that this market is stronger to the downside than we expected. Just like in the rally, we kept making new highs just when we thought it couldn't go any higher.
But we are approaching a level were it is pretty oversold on the smaller time frames, and the divergences are pretty visible. I still expect a bounce, but now those targets get lowered, since the SPX made a new low. But a bounce will be good, a better shorting opportunity.
In terms of Elliott Wave, we may get a small lower low Monday morning, perhaps closing the gap at 1069. If we break through 1069, 1061 should serve as good support.
If this wave structure does not play out, watch for a break back above 1083. If we break back above 1083, we have most likely started Minute wave [ii]. The target for Minuette wave [ii] now moves to 1110.
I posted some charts on Apple this week, and so far, it has played out quite well. I currently have us in Minuette wave (iii).
For now, I have a modest target of 185. But we could easily break right through it, but I think it should hold on the first bounce.
I will have more charts over the weekend, so please check back for those! Thank you!
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