More consolodation today. We had a bigger range today that we have had in the past few days, but the down moves are still hard to count as impulses from the highs.
For now, I am going to stick with my count on SPY. I have made some changes though. But the count is basically pushing the limits.
Instead of it being an ABC wave [iv], it seems to be taking the shape of a triangle. If we break towards the upside, we could get a very strong move. I am doubtful of it breaking down, but if it does happen, the move could be strong as well. Basically, whichever direction is break in, it will produce a strong move.
Watch for the pivots at 1180 and 1160.
The rising trendline on the SPX that I was talking about yesterday did break today, but we did not sell off.
We may get a backtest, and if it fails to hold, then we may fall.
Apple was down today, but it has still help up above its gap support. Breaking below 232 will close the gap, and could be bearish. After that, the next pivot is at 227.
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