Wednesday, July 25, 2012

7/25/12 - EOD Update

An interesting day given AAPL's results. As I pointed out intraday,  a falling wedge pattern had formed and the market moved out of it.

I'm thinking short term, the market may want to attempt one more push towards 1350. As one can see on the short term 10 min chart, there are several options that may favor one more push. I removed the bearish nested 1-2 i-ii count, however, it certainly remains valid.

10 Min 
Is the market aiming for one more tag of 1350?

The adjusted bear count implies possilbly another stab higher out of the leading diagonal. But just as I mentioned above, the bearish nested 1-2 i-ii down option is still in play unless the market rallies over 1352.xx.
Should this wedge represent the end of wave b of 5, we may see another push higher beyond 1350.
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