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| 15 Min |
The blue option on the 15 min above assumes that the right shoulder needs one more dip lower before heading for 1500.
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| Daily |
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| Weekly |
This weekly chart continues to look good with the support of the 15 and 60 min charts above.
Tuesday, December 11, 2012
12/11/12- EOD Update
The market has managed to close above the 50 day SMA for a third day.
The pink option on the 15 min above assumes that the right shoulder of the inverted head and shoulders (daily chart below) is complete and the market is headed for 1500.
The blue option on the 15 min above assumes that the right shoulder needs one more dip lower before heading for 1500.
The 50 day on this chart looks like a natural neckline for the H/S and so far the market has managed to close above it. However, we shall keep an eye on the 1433 level should there be temporary resistance here.
This weekly chart continues to look good with the support of the 15 and 60 min charts above.
The blue option on the 15 min above assumes that the right shoulder needs one more dip lower before heading for 1500.
This weekly chart continues to look good with the support of the 15 and 60 min charts above.
Monday, December 10, 2012
12/10/12 - EOD Update
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| 60 Min |
I'd still like to see another little leg down since the move off the 12/5 low is so choppy. It would make for an ideal wave {x} before launching wave {y} higher.
Keeping the weekly chart below in mind along with the inverted h/s forming on the 60 min above.
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| Weekly |
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.
We'll see next week if wave 5 is on its way.
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.
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.
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| 60 Min |
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| 60 Min - Tri |
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| Weekly |
We'll see next week if wave 5 is on its way.
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| 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.
12/7/12 - Intraday Update
Problems with twitgoo now. Geez.
Anyway, I forgot to mention, wave E does not have to hit the lower TL either. It can retrace 38% at da blue line @1412. Wave E itself can also form a teeny tiny triangle so lets keep an eye out for that as well.
Blue is not out yet either unless 1413.20 is taken out.
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