1/31/13 - EOD Update

Interesting. The bears may be trying to start something. We'll see because it is still their burden to prove.

Keeping an eye on my weekly chart. Is 5 of C complete?

Lets see how the market reacts to NFP tomorrow.

5 Min

The H/S target places the market near the 20 day SMA.

60 Min 

Weekly

1/30/13 - EOD Update

The bears managed to close back through the top of the ascending triangle. Its a start for them but they still have their work cut out for them.

So far iii=i or c=a per the 5 min chart.

5 Min

60 Min 

1/29/13 EOD Update

5 Min 

60 Min 

1/28/13 - EOD Update

60 Min

Not much to add since last week. Still looks like another triangle in the works.

The bears need to break the tri down to get something going.

1/25/13 Intraday Update

7:48 AM Update

5 min (corrected at 8:18 AM)

5 Min

I tried to tweet this chart earlier. Problems with Yfrog now too.

1/24/13 - EOD Update

60 Min

It appears wave {iii} may be in. Lets see if {iv} has begun.

1/23/13 - EOD Update

1 Min

Looks like [iii] had a little more to go. It could be complete now.

The bear's best chances at the moment. However, it may only mean the beginning of wave [iv] so it will be short term.

See the green line below that the bears need to break.

60 Min 

AAPL

AAPL triple +ve divergence into earnings. We'll see in a few minutes.

1/22/13 - EOD Update

60 Min

Still working on [iii] of {iii}.

1/18/13 - EOD Update

60 Min 

Weekly

No truncated double top. Gotta expect a tag at the upper TL on price and MACD.

Bears can only hope to break prices down thru the lower TL of the wedge.

Daily

Wow.

1/17/13 - EOD Update

The market has spoken and has chosen to break above the 1475 mark. At the moment, the blue count takes back the favorite position.

Now lets see if 1475 holds. Note the touch at the top of the upper orange channel.

60 Min

Weekly

1/16/13 - EOD Update

Not much to add other than chop chop. That is all I see.

It is up in the air. Red or blue.

5 Min

Weekly

Still watching this weekly count and the potential double top. The longer it chops up here without a good follow through higher, the higher the chances the double top truncated 5th is in.

1/15/13 - EOD Update

No bear to be found. I cannot count an impulse down. The best the bears have at the moment is a double zigzag in red on the 5 min.

As for the bulls a very bullish nested 1-2 count is on the table. Quite honestly. I'm not too sure about this one either.

1375 is still holding as resistance but so long as the market consolidates just below this level, the nested 1-2 option up just may work.

We shall see.

10 Min

60 Min 

1/14/13- EOD Update

Let's see if the 5 min chart is repeating. This would allow for wave (c) of {ii} to play out.

5 Min 

60 Min 

Weekly

If you are bullish, 1475 is key to break. The double top potential forming here along with a truncated 5th is a real possibility.

AAPL Weekly

AAPL's weakness continues.

EOD Update

60 Min

She could continue extending higher. Looking for the completion of (i).

Weekly

Note the weekly shooting star candle. MACD looks bullish though so watch that descending TL for any signs of resistance. It may correlate with the upper TL of the wedge.

1/10/13 - EOD Update

This 5 min chart continues to provide some guidance near term irrespective of the wave counts.
It is possible, this little leg up may take a pause after today's little run up.

5 Min

60 Min

As far as counts go, unless this extends through the 1475 resistance level, wave (i) of an LD may have completed today. I'd like to see a pullback for wave (ii) or possibly the red alternate.

Weekly

Remember this weekly chart? Santa came a little late but came nonetheless. Keep in mind wave 5 could truncate right at the 1475 resistance level. However, look at the MACD cross up. It may be heading for the TL along with price heading for the upper TL of the wedge. We shall see.

1/9/13- AAPL Update

12/7/12 was the last time I posted an AAPL weekly chart. After hitting the 520 level, I noted that AAPL bulls had to be careful if AAPL consolidated between 570 and 520.

So far, five weeks have passed and AAPL is consolidating as highlighted below.

Note on the daily chart below a potential triangle is forming. This is a consolidation pattern before the trend resumes. IF and when it does, the large neckline will be broken.

So lets keep an eye on this and will earnings be the catalyst to send it through or save it?  We shall see.

WEEKLY

DAILY

1/9/13 - EOD Update

Don't ya just love this pattern? So far so good. Lets

Bulls may be looking for another push higher.

The bears, one could argue, may have five waves down off today's high on the 5 min , but upon closer examination on the 1 min, I'd say it is still corrective down.

Unless a lower low (today's) is made, I still favor the bulls.

5 Min 

60 Min 

1/9/13 -Intrday Update -12:00 PM Update

12:00 PM Update


Earlier I posted this as the "EOD" update. Obviously that is not the case.

Anyway, here is another update

5 Min

Will it find support again if it is following the same pattern?

Intraday Update

5 Min

Potential cup and handle. 1467 may be the target.

1/8/13 - EOD Update [2:48 PM Update]

[2:48 PM Update]

5 Min 

Here's a chart why bulls short term still have a chance to push for another high even though the bounce off today's low was choppy.

[EOD Update]

The bear case:

1. The bounce off the day's low is quite overlapping.
2. Price still within the descending channel.
3. 2 H/S patterns developing

The bull case:

1. The move off the 1/4 high is corrective
2. The bounce off today's low, though corrective, put in higher highs and higher lows.
3.  The minimum retracement target was met at 23.6%

Though I'd like to see one more leg down for c of (y), per the 5 min chart, I think I will side with the bulls at the moment unless today's low at 1451.64 is broken.

5 Min 

60 Min 

1/7/13- EOD Update

Looks like a wave (x) into the close.

The bears failed to form an impulse down today. A three-wave (w)  structure (clearly visible on the 5min) highlights the move.

60 Min 

1/4/13 - EOD Update

No surprise here that the market has continued to extend upwards. We'll just have to wait for wave wave {i} to complete.

60 Min

Weekly

I've posted this chart a few times several weeks back. The market was a tad late on the santa rally but so far is making up for it.

We must keep in mind that wave 5 of C can truncate without touching the upper TL near the 1475 level, which would result in a double top. Let's keep an eye on the MACD histograms and TL for signs, otherwise, we should not be surprised for a move towards the upper TL.

1/3/13 - EOD Update

60 Min

Looks like {i} completed today as the market poked slightly higher. Wave (a) then began with the FOMC meeting minutes. There is a good chance (a) completed today as well and we saw wave (b) begin into the close.

The Fibo retrace targets are on the chart.

1/2/13- EOD Update

Happy New Year indeed if one were positioned for the fiscal cliff (FC) "resolution" "surprise".  I mentioned on 12/24, there was more room for a surprise FC resolution vs the fear of not resolving it.

Intraday on New Year's eve, we were looking at the completion of the move down off the 12/18 high. Whether you position yourself for a wave 2 bounce or a new leg up, it has payed out handsomely.

5 Min

Not gonna concentrate too much on the squiggles but there is room to extend based on this count. However, the hourly chart below, one can slap a wave {i} completion coming up here near 1465.

60 Min 

A backtest of the inverted H/S neckline is near 1442-1437, which would be a wave {ii} retrace into 38%.

Daily

Gotta buy/add on the next dip.

1/2/13 - Intraday Update

Happy New Year!

You know the saying, "It's better to be lucky than good." On New Year's Eve, my intraday update called for an end to the corrective move down. 

ES