This is a complex count but when you break it down its just a simple 5-3-5 zigzag. We have initial 5 waves down for (a). Then a 3-3-5 expanded flat for (b). The small blue triangle in the middle is accounted for in b of (b). Then finally we get 5 waves up to form c of (b). Then 5 waves down to (c) of [e]. Simple yes?
MINOR 5 UP COUNT:
And finally I present the layout for a Minor 5 up count based on 1295 low being the [e] of Minor 4 triangle orthodox low. We'll know if this count has a chance because 1331 will have been regained in the next few days. Another overnight futures gap up move perhaps Thursday morning to kick of [iii], etc. You know the drill.
The striking thing is that Minor 5 may be a "thrust" and take about 2 weeks or less through the end of July.
[Update 8:45PM: Still would look better on the daily and hourly charts if [e] had one more leg lower to 1287 SPX where [e] = .618 x [c]. And another hit on the rising trendline. A final hard shakeout so-to-speak .
Apple has serious potential to be a blowoff top. If it closes soon beneath today's closing price of $376, it constitutes a bearish reversal in my book. We shall see in the next few days/week.
Its actually a perfect setup for a bearish reversal. It has the "best ever by far" earnings. It has the media attention. It has record cash flows and record tax-paying lows http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/Apple%20Cash%20vs%20Taxes.jpg. It has the full benefits of its cheap Asian labor in full productivity. It has a sycophantic following .
Revamped the wave count and a pop over the channel would constitute "throw over" if it can close back under the channel. Again, we shall see how it trades. Its back to $392.55 in A/H's and considering it was $379 in premarket today, well, it doesn't look as impressive in that light considering all the chatter in A/H's about it.
Market internals were robust but not earth-shattering to say the least. We had 85% (5.9:1) up volume ratio days on the NYSE and Nasdaq and only 80% up issues. Fairly nice yes, but not eye-popping and quite reversible.
We are clearly back in resistance area. Is this a (b) wave of [e]? Or do we have a sprint to new highs while there is a "window" to do so?