Charts I’m Watching: October 5, 2011

THE PATH TO 350:  Day 6

Charts updated for end of day prices.  So far, so good.

Going to have to think about the EW count a little more, but I take great comfort in the fact that the midline of the channel effectively capped today’s rally.

And, an updated chart on the 2011 v 2008 analog…

For an important discussion about the comparison, see Tell Tale Fart


EUR/USD should get one more push down to 1.31 if only the Bat plays out — 1.16 if it’s the crab instead.


Take a look at Apple, which just broke through a rising wedge 5 years in the making.  It could and probably will backtest for a while.  But, this is market leadership showing its hand in a very negative fashion.

It’s developing a bullish Crab pattern that indicates a potential reversal, but not until we get to 340.

That’s a big drop from 422 on Sep 20, when we noted the very bearish, completed Crab and Butterfly patterns.

More later.

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