The 1191 pivot held once again today. It also produced a very big bounce back up, nearly 20 S&P points back up in a matter of hours. I am going to eliminate the bearish count for now and stick with my bullish count that seems to be working.
On the Nasdaq, we got a deeper than expected wavd b, but the pattern is still valid. We had a very powerful move back up and we took out the highs of wave (iii). This should imply that we are in another up leg.
I don't have an exact target right now, but our overall trend should be higher, and no pull back should take out the lower trendline or 2467 on the Nasdaq. We may get some consolodation early tomorrow, but overall we should go higher whether we pull back or not.
Also, the Nasdaq made new highs while the SPX and Dow did not. They are probably just lagging behind. We could see new highs soon.
And again, there are really no bearish counts that seem to look impulsive. But breaking below 1200 and/or 1191 could imply further selling. Breaking over 1215 could mean a move towards 1230. So just watch for a break of those pivots on either side
Yesterday, I said to expect new highs on Apple after a little consolodation.
We had a big thrust up today. Could be a potential blow off top. We'll have to see. My target was 265. We exceeded that a little, but we could be close to a top. 267 is the next pivot to the upside. Breaking below 256 could take us to 251.
Google also continued to hang around the 545 and 550 level for most of the day.
This could be a possible double bottom, and the positive divergences are there to support it. Breaking over 552 may take us back to 560.
0 comments:
Post a Comment