We made new lows for this down move again today. After that, we had a nice bounce and then another small down push.
For now, I will label today's push back up as a subminuette wave iv. This means the down move in the afternoon was the start of wave v.
If this is the case, we should test our lows at 1158, or go lower to perhaps 1155 or 1150 for wave v.
Here is a rough count for that.
If wave [5] is to equal wave [1], the target is a test of todays lows around 1158. If it extends, we could get to 1155.
An alternate to all of this is that today's low was the end of subminuette wave v, thus ending minuette wave (iii).
If this is the case, we should get a choppy to slightly higher bounce tomorrow in wave (iv). However, if this is wave (iv), it must not break 1181. Breaking over 1181 could be a victory for the bulls, and it could create a move higher to perhaps 1186 or 1191.
That is the alternate count on the Nasdaq in a little bigger view.
The US Dollar met and exceeded its inverse head and shoulders target today.
On the daily time frame, the next pivot could be at 84.75. 84 and 83.30 should be some support to the downside if it pulls back a little bit first.
Google also tested 500 today. It held and then bounced up.
Again, Google is getting oversold, but it could test 500 again real soon.
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