Apple reported afterhours yesterday and beat the estimates (not surprisingly imo - everybody buys their products) and the ES spiked to 1085.
Will we see an INTC déjà-vu, i.e. futures higher but losing everything during the next day?
The SPX 1080-85 area was reached yesterday, so I'm labeling the high as wave ii. Since most second waves are zigzags (5-3-5) I expected this area to be reached without making a new low before. Wave ii unfolded as an expanded flat (3-3-5) though. Minor 2 already unfolded in a flat, so may be that will be characteristic for this downtrend?
Since we got five waves from the lows we can also count it as a first wave of [c]/[iii] up. If the downtrendline, currently around 1090, and the 1100 area is breached this will be my preferred count. Target is 1150ish.
