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December 24th, 2012: EOD Update

Posted by pugsma on December 24, 2012

2:45 pm EST:  Today’s price action did nothing to change the primary wave count.   The 1323 low from Friday is still labeled as the wave ii-(3) of minor 3 of major [3]-P3-C3.  However, it is possible wave c-ii might need to reach a little lower to 1420 (78% fib retrace) to 1416 (88% retrace) per the alt (blue) variant. The next move should be an aggressive wave iii-(3) of minor move up to new highs near 1481, where iii=1.62*i.  In either case the wave (2) low of 1412 must hold for the count to remain valid.  Any drop below 1412 would require a significant wave count revision.  There are some good options like that minor 1 of major [3]-P3-C3 ended at 1448 and there could be a deep minor 2 retrace to 1396 (50%) to 1383 (62%), which is pivot support range.  We will keep this count option open at the alt (red) variant should the 1412 level breach to the downside.

Support is in the 1422-27 band, then the 1386 pivot. Resistance is in the 1440 pivot range.

I have included the AAPL 60-min chart below.  AAPL is at inflection point here at 520-25, where it must break out of the following wedge in a wave minor 3 of major [5] headed for the 599 target, where M3=2.62*M1 or else there is a real possibility of a new low below 501 to complete an ED for minor 5 of major [4].

Have A Merry Christmas !

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 12-24-12

AAPL 60-min chart (EOD):

PUG AAPL 60-min EOD 12-24-12

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