The SPX and Dow made new highs today. The Nasdaq did not. The SPX and Dow were more of a double top, but they did slightly break above their previous highs. I would really wouldn't count it as a breakout, yet. The 1180 pivot is still key.
After we made the highs, we sold off a little bit. It still doesn't seem very impulsive. I've made some changes to the wave counts, but overall I am still looking for new highs.
The past few days, we have chopped sideways on the Nasdaq and Dow, and the SPX is in a triangle, so it has characteristics of a wave 4. Only bearish thing is that the SPX had a failed break out.
If we take out 1181, we could go higher.
The Dow looks like it wants to test that high as well.
The US Dollar is continuing its pullback. It hasn't reached the 61.8% retracement from its wave 4 lows though.
The target for now is 80.75, then we could head back up. Any lower than that could be bearish.
The markets are closed tomorrow, however futures will still trade until 11:30 EST I think. I will have more stuff over the weekend. Hopefully I can do a video this week.
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