We were within 2 points of tagging 1150 on the SPX today. Today was also pretty volatile. We were up 7 points, then down 1 and then closed up 5. Seems like a classic tug-of-war between the bulls and bears. This kind of action usually happens at tops.
On the shorter term time frame though, I think we may hit 1150 tomorrow. 1150.45 is the high. We need to stay below this level. If we break 1150.45, I will have to redo the count. So let's see what happens.
We seem to be ending this last wave up in an ending diagonal. 1150 is the target.
The bearish alternate is that we go down big tomorrow kicking off wave 3.
Yesterday, I gave an update on Apple saying I was expecting a set of new highs.
We did make new highs today. I think we are in a Minor Wave 3. This count may be off a little bit, but I am still expecting it to go a little higher. We may get a pullback for wave 4 first.
Google is already in a new downtrend.
I have it completing a Minor wave 1 down, following by a 50% retracement back up for wave 2. I have them currently labeled as Minor waves, but I may be behind a degree and this could be an intermediate wave. We'll see what happens. Regardless, the next wave down is a wave 3.
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