Monday, October 8, 2012

10/8/12 - EOD Update

15 Min
As I posted last week, the purple count would be the correct option should the wave iv overlap occur today, which it did.

Given that, anything can still go in this range between 1475 and 1430.


60 Min 
Price is still within the ascending channel and potentially rangebound so far between 1475-1430. Lets see if the market is attempting to tag the lower end of the range again or should it make a higher low, we should start to look for another potential triangle up here.
AAPL - 60 Min 
 Last Friday I also mentioned AAPL's potential to gap thru the neckline today, which it also did so the H/S must definitely be respected. 650 appears to be the level to watch should a backtest of the neckline occurs.
AAPL - Weekly
Weekly -ve divergence is here and the potential for a larger H/S.
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