My bearish count on the SPX is coming close to being violated. We have retraced more than 78.6% and have come up on 5 waves from our lows. Either this is a very deep retrace for wave ii, or my bullish Nasdaq count is in play.
Here is the chart of my bullish count.
It seems to look more cleaner on the Nasdaq, since the pattern is still in play. We may take a little breather and pullback slightly before we go higher. 2490 and 2470 are good pivots.
For the SPX, we may backtest 1200 and bounce. If we break below 1200, watch for 1191 and 1183 again.
On the bearish side, today could have also been a backtest of the upper line of the diagonal.
If this bearish count is still in play, we need to sell off big tomorrow.
Google also seemed to back test its pivot at 560 today. We tagged it and came down.
It could go for a gap fill around 550, so watch for that level now.
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