More sideways choppy action today. We have been virtually in the same range for about 6 days now. The pattern is similar to the consolodation in November/December of 2009. If we follow the same path, we should have a decent up move coming soon.
Nothing has changed on the wave counts, because the market really hasn't moved. We are chopping higher.
2465-2470 on the Nasdaq is the rough target for now. It may change one we get some movement.
The count on the SPY is also the same. Only thing is, we aren't moving higher.
We seem to be caught up near the lower trendline.
This trendline coming from our February lows is a key line.
If it breaks, we could get some selling pressure. The key pivots remain to be 1160 and 1150 to the downside, and 1180 to the upside.
On Apple, we could be potentially setting up a very bearish candlestick pattern.
The candlestick today was a Doji, but the pattern for the past 2 days could be setting up an abandoned baby or island top reversal. If we gap down tomorrow and close below 231.61, it could be bearish.
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