A pretty volatile day today. A pretty nice swing to the downside early today. The 1100 level was broken on the SPX, which I did not expect to happen. We found support at 1092. However, 1088 was not broken so the current count is still in play.
As long as 1088 hols, wave 4 and 1 will not overlap on the SPX. But we were really close to the limit today. If we get a similar down move tomorrow, Minor wave 2 may be over.
For now, the primary count is that this is minuette wave (v).
For the Nasdaq however, the situation is a little different. The overlap between wave 4 and 1 occured today. This is pretty bearish.
The Nasdaq could still go higher, but I don't think it will make new highs. Watch for the Nasdaq to possibly lag to the upside and lead to the downside.
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