10/5/12 - EOD Update [8:25 PM Update]

[8:25 PM Update]

FB

Forgot to update the FB count. Slightly below the lower TL Lets see if a triangle plays out or the downdraft towards at least 17.50.

EOD Update
It appears my suspicions from Tuesday's post is playing out.  I was anticipating a right shoulder to develop further for AAPL while SPX worked higher to compete wave 5. So far all appears to be the case.

15 Min 

Per the green option, the weakness after today's peak started wave iv. It was very close to an overlap with wave i. If the overlap happens early next week, it is safe to say purple wave x is in.

A second alternate to this would be the blue option which is a much more bullish green option.

I'll have to say with AAPL looking to be leading here with the bearish H/S, purple may just be the one to follow at the moment.

60 Min 

AAPL - 60 Min

The H/S is looking pretty solid here. I'm looking for a completion of wave i of 3/C to complete, before a bounce for ii of 3/C.  Wave ii of 3/C cannot retrace beyond 674 or this version would be ruled out.

What could catch many folks off guard come Monday would be a gap below the neckline. If that occurs, AAPL may be looking at another 50 point deduction.

AAPL - Day

A close below the 50 day SMA and several -ve divergences.