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December 7th, 2012: EOD Update

Posted by pugsma on December 7, 2012

12-9-12 EST:  Below is the updated 60-min chart for AAPL.   Minor 2 looks to have ended at 519 this past week and the move up to 555 was wave (1) of minor 3 of major [1]-P5.   The move down to 530 is wave (2) of minor 3 and the targets were 533 (62%) and 527 (78%), so the wave (2) should be complete or might need see a little more weakness early next week.   Note that the limit of wave (2) is 518 and the limit of minor 2 is 507.  So any break down through 519 and 507 would mean an entirely different more near-term bearish count is playing.  Once wave (2) is complete the target for wave (3) of minor 3 is at 624, where (3)=2.62(1) and the minor 3 target is 656, where M3=1.62M1.

And what happens if 519 and then 506 fail to hold?  Then we have the alternate (blue) count shown on the AAPL daily chart below, where the move up to 595 was minor 4 of major [C]-P4 and there will be a new low below 506 at a target area of 495, here M5=1.23M1 or 464, where M5=1.62M1. This move down would find support at the low long-term trend line on the daily chart.

AAPL 15-min chart (EOD, 12-7-12):

PUG AAPL 15-min EOD 12-7-12

AAPL 60-min chart (EOD, 12-7-12):

PUG AAPL 60-min EOD 12-7-12

AAPL Daily Chart (EOD, 12-7-12):

PUG AAPL Daily EOD 12-7-12

5:45 pm EST:   Primary count is that wave iii-(3) of minor 3 of major [3]-P3-C3 is underway with a target of 1453, where iii=2.62*i.  The wave (3) target is at 1462, where (3)=1.62(1) and the minor 3 target is 1492, where M3=1.62*M1.

For the alternate (blue) count the move up to 1420 today is wave c-(b) of minor 2 of major [3]-P3-C3.  The next move should be a 5-wave move for (c) of minor down to a target of 1394, where (c)=(a) or 1378, where (c)=1.62*(a).  There are also the 38%/50%/62% retrace targets for minor 2 at 1393/1384/1374.

Resistance is in the 1422 to 1427 area.  Support is at the 1386 and 1373 pivots.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 12-7-12

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 12-7-12

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