Tuesday, October 9, 2012

10/9/12 - EOD Update

The market continues to move as suspected from last Tuesday's post.

15 min 

Purple continues to be the primary and  is looking to complete wave (v) with fib extension targets plotted on the chart to complete wave {a} of y.

Green is getting very close to invalidation.

60 Min
Yesterday I also mentioned that a triangle must be considered should we see a downdraft today with a lower high. So far that has occurred so something to keep in mind.

Typically waves c or d in triangles are complex, so if this is a triangle in play versus just a simple flat (which I prefer at the moment) we should expect the next few days to be choppy and range bound.

AAPL
AAPL's H/S continues to play out. Technically one may count three waves down as complete. 1/A, 2/B and 3/C, where 3/C was nearly equal to 1/A.

However, we must give consideration to the move from 10/4 as wave i of 3/C and now a wave ii bounce is occuring to backtest the broken H/S neckline.
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