January 4th, 2013: AAPL Count Update
Posted by pugsma on January 4, 2013
1:10 pm EST: Here is the AAPL daily chart showing the signal positive divergence on the RSI, MACD and Full-STO oscillators between the 501 and 506 price lows. AAPL could still see third and final push down below 501 to set-up a double positive divergence and complete the alternate count ED and 3-push down pattern.
AAPL Daily Chart (1:00 pm EST):
12:30 pm EST: With AAPL failure again at the falling 50-day SMA, it is far from being out of the wood from making a new low below 501. It’s possible (and this is my new alternate count) that AAPL is an Ending Diagonal (ED) for major [C]-P4. The recent move up to 555 was only wave minor 4 of major [C] and there now will be one more fresh low below 501 for minor 5 of major [C], which has as maximum level of 461 so as M5. It will take a break of 505 to confirm this alternate count and invalidate the primary count.
The primary count remains that this pull-back in AAPL from 555 is wave (2) of minor 3 of major [1]-P5, which hit the 62% retrace of 524 today. Once the wave (2) is in place there should be an aggressive move up for wave (3) above 555 toward 586.
AAPL 60-min chart (12:20 am EST):
AAPL 4-hr chart (12:20 am EST):
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