Wednesday, December 5, 2012

12/5/12 - EOD Update

I tweeted earlier that the market may provide one an opportunity to go long near 1409-1407 if ya missed the bottom today. The market did not disappoint into the close.

There is a very good chance the market at minimum is trying to re-test 1423 and form a wave B for a flat. Of course the 15 min chart below has a few more bullish options on tap.

I almost mentioned a few days back that it was possible the market will try to consolidate just under the 50 day SMA and so far, that is looking promising as well. The range for this consolidation so far appears to be in the 1400-1420 range.

Lets see if the market makes a stab higher tomorrow based on the 5 min chart below. However, something to keep in mind is the bearish H/S pattern for AAPL.

5 Min

Back on 11/2/12, I mentioned this was a pattern to keep an eye on and so far it is going along with the plan.
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