March 19th, 2013: AAPL and GLD Daily Chart with Indicators
Posted by pugsma on March 19, 2013
12:20 pm EST: Below is an important GLD Daily Chart with Indicators and some key notes. Notice how GLD failed at the falling 50-day SMA the past two times it reached that level in Nov 2012 and Jan 2013. The RSI(14) also failed at the bear/bull area of 50.
The primary count on GLD is that wave (1) of minor 3 of major [1]-P5 is just now finishing up in the 158 area, which is at the falling 50-day SMA resistance. Then wave (2) of minor 3 retrace should hold the 50% retrace of 154, which is also at the rising 13-day EMA. If GLD holds the 13-day EMA back-test at 154, then wave (3) of minor 3 should head for the 166 area, where (3)=1.62*(1).
GLD 60-min chart (mid-day):
GLD 4-hr chart (mid-day):
GLD daily chart (3-19-13):
GLD weekly chart (3-19-13):
11:50 pm EST: Below is an important AAPL Daily Chart with Indicators and some key notes. Notice how AAPL failed at the falling 50-day SMA the past three times it reached that level in Dec 2012, Jan 2013 and Feb 2013. The RSI(14) also failed at the bear/bull area of 50. If this time is to be different and primary wave count on AAPL is to play-out the major [1]-P5 target of 500-510, then during this wave (2) of minor 3 of major [1]-P5 retrace the price must hold above the rising 13-day EMA at 441. A failure to hold the 13-day EMA at 441, would like lead to another sell-off to new lows below 419 per the alternate (blue) count headed for 396. Note that the theoretical E-wave limit for this wave (2) of minor 3 is at 425 and the 50%/62% retrace is at 438/443.
AAPL 60-min chart (mid-day):
AAPL Daily chart (3-19-13):
AAPL weekly chart (3-19-13):
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