I like to look at individual stocks in order to get some insights on index trends. AAPL is a good indicator of the mood of the crowd due to its heavy market cap. If AAPL goes up or down, SPX or NDX should most likely do the same.
AAPL in my view is running a descending expanding , similar to SPX . The wave count is shown on the chart. The main question I have today is how far SPX growth may continue, and based on AAPL stock the answer is - not too far.
I believe AAPL (and SPX ) are already in their w5 of the decline, but both are running a deceptively deep upward correction, which makes us believe we are still growing. Based on AAPL labelling I expect one more minor upsing in both AAPL and SPX , which will complete minor C waves in their respective corrective structures. Once this is done in the next few days the decline will resume and should bring us below the prior lows in SPX and in AAPL .