We made new highs again today, then sort of chopped around and backed off a little bit. The Dow was stubbornly stronger today though, despite the weakness in the financials. Most of the major indices made new highs, so there is no confirmation that we are waiting for.
My count on the SPX could be playing out now. Yesterday in my update I said that we could be starting a sharp wave (iv) correction to possibly 1191 in the worst case scenario.
We could continue to pullback to atleast 1205 in this case. Anywhere between 1191 and 1205 could be a decent sized pullback for this possible wave (iv). Breaking below 1191 could make the count out of play.
My Nasdaq count is also still in play with this being a sideways wave b.
We could continue to chop sideways and then bounce back up sharply in this count.
Google broke its all important pivot at 540 today.
The next major pivot is at 520. However, we could bounce back to 540 first as we seem to have some slight positive divergences.
Apple also had a choppy to slightly downward day today. The subminuette wave iv could still be playing out, but time wise it should be close to completing.
We could get one last push up towards 275 in the next few days after this wave iv is done.
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