Monday, October 22, 2012

10/22/12 - EOD Update [4:27 PM UPDATE]

[4:27 PM UPDATE]

ES

ES sports a nice looking double zigzag. We'll see.

McClellan Oscillator
A potential +ve divergence near term.

EOD Update

5 Min 
The bounce off the low does not look exactly impulsive for the first part of the wave structure. I will have to lean towards the red option and assume the bulls will have to prove themselves above the higher Fib retrace targets.


60 Min
Will the bulls come back here or is the market setting up a 3 of 3 sell off even after backtesting the lower channel?

SPX - Daily
Doji and bounce off the lower BB.
AAPL- 60 Min
AAPL bulls managed to create an overlap so the bears best count now is a nested 1-2 down. Note the alt option in green, which is a larger double zigzag.

AAPL - Weekly
The weekly may support the 3 of 3 event if the backtest of the lower TL of the wedge fails.
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