A choppy and volatile day today. So far, the waves today seemed very corrective. There could be a few different variations of my bearish count now. The bullish count on the Nasdaq was once again challenged today, but we seemed to have held up the major pivots. Internals were also not bullish.
On my bearish count, I have changed the down move up a degree. Instead the down move yesterday being a subminuette wave i, I have it as a minuette wave (i). Nothing really changes for the overall targets because of this. I also have the alternate listed that this was just an (a) wave, with us being in (b) and (c) to follow to end the down move. If it is wave (i), we should fall further because waves (iii) and (v) would still have to come.
Either way, the wave (ii) or (b) should take us to at least 1200 in this count before falling.
The more bearish count is that this down move is either a subminuette wave i or wave a, with a sideways wave ii/b that occured today.
If you look at it on the 1 minute time frame, the sideways correction could have ended today. If this is the case, we should see a decent sized sell off tomorrow for wave c. If it is wave iii, it should be a nasty down day.
For the bullish count, we are really running out of room to the downside. We need to reverse back up real soon.
Breaking 2450 will put this count in jeopardy. We need to have a strong up move breaking 2480 and 2496 in the next few days for us to confirm a new uptrend.
Google came close to testing its pivot at 520 today. Google has been following a very good pattern lately. It's been going from pivot to pivot, just as expected.
There are also some divergences that have been set up. We could back test 540 in the next day or so. However, if we break below 520, the next major pivot is right around 500-505.
Apple also looks like it is slowly starting to roll over. As I said yesterday, 257 is the next key number to watch for.
But first, we may get back to 265 for a 50% fib. retracement of this recent down move.
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