August 2nd, 2013: AAPL and GLD Wave Count Update
Posted by pugsma on August 3, 2013
AAPL: The AAPL primary count is looking very good. AAPL price reached the wave iii-(3) of minor 3 of major [1]-P5 target of 460 on Friday. I’m excepting a small wave iv-(3) consolidation before wave v-(3) heads for the (3)=2.62*(1) target at 499. Then minor 3 target is 520 and the major [1]-P5 target is 540.
The alternate (blue) count is very close to be invalidated on a move above 466. The wave (2) of minor 5 of major [C]-P4 must end here just below 466 and wave (3) down must get underway breaking the 385 low headed for a target of 340, where (3)=2.62*(1). Ultimately P4 should reach the 50% retrace near 315.
AAPL 60-min chart (EOD):
AAPL 4-hr chart (EOD):
GLD: GLD appears to be in double Zig-Zag for minor 2 of major [1]-P5. Targets for minor 2 range from the 38% retrace at 124.2 to the 62% retrace at 120.6. After the minor 2 correct the up-trend in GLD should continue in the minor 3 wave to a target of 143.5 to 147.1.
GLD 60-min chart (EOD):
GLD 4-hr chart (EOD):
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