[Update 9:05PM: OIH in a big textbook triangle which may be breaking up already.]
[Update: 8:55PM: Patiently awaiting XOM's huge primary wave triangle. If anything spells long term doom for stocks, its when the King is moving in slow-motion contracting waves. The big gap however is the incentive to get back up to fulfill the (E) wave.
It has a supporting trendline under it.
[Update 8:13PM: Transports met their massive inverted H&S target. Overbought weekly, blah blah blah...
[Update 5:33 PM: I have neglected AMZN lately and I revamped its wave chart completely. its impulsing up in what appears technically to be a fifth wave. But like Apple, picking where it finds its high will be tricky. Personally I think both Apple and Amazon will sell the earnings report just like Google did. So we must assume both AMZN and Apple will stay elevated until they report. This is not a $21 Intel stock, its already got a huge forward P/E on it....
Sideways action today suggests a Minuette (pink) wave (iv) of [iii] of C. Using the base channel and acceleration channel technique, we can see this 5 wave C structure is starting to take shape.
The entire wave structure points toward a 1227 peak or so which is the 62% Fib retrace for the entire retrace back toward the 2007 high.
Again, the key is the "blue box" area I have marked. This gap area should remain open until this entire up structure (P2) is finished.