Friday, December 7, 2012

12/7/12 - EOD Update

A week or so ago, I mentioned that the market was set to target the 50 day SMA. After coming very close to it, a consolidation under it would occur, which it did. Today, the market just closed over it by a hair.

If the triangle count below or bullish count (blue) below is correct, the market should continue to climb higher and remain over the 50 day.

Today the market briefly rallied and pierced the upper TL of the triangle for wave D. The market then retraced what may have been all of wave E and began the rally into the close.

There is a good chance wave E is done, but I would like to have seen one more little leg down near 1412.

We should know early next week if the market is headed for the wave [C] target above. If this does not happen right away as would be expected for a thrust out of a tri, then we can anticipate either another little leg down for wave E or more chop to finish off the triangle.

60 Min

60 Min - Tri

We'll see next week if wave 5 is on its way.

AAPL - Weekly

Another bad day for AAPL. The right shoulder does not look complete but it may be enough. AAPL bulls need to step in real soon.
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