8/5/11

To try to figure out the optimal wavecount for Minute [iii] (which I speculate is now finished), I circled instances of overlap in the corrective up waves that StockCharts.com deemed important enough, on the 10-minute chart, to put price labels on.

The heuristic was simply "if you just had a 1-2 and there's an overlap, go to the next smaller degree" - and, of course, subdivide when it's obvious subdivisions would be necessary; it would be ludicrous to propose, at least in retrospect, that Minuette (v) bottomed out at 1216.16!  Minute [iii] thus had an extended fifth wave, which meshes with the alternate count I had up on August 3. 

Minute [iii], assuming it is complete, spanned slightly under three times the length of Minute [i] on an arithmetic scale (1165.32 would have been the perfect length extension).  Three is, of course, a Fibonacci number.

The logical retracement targets for Minute [iv], as shown on the chart above, are 1233.44 and 1275.64.  Moreover, if C=A of this wave, this suggests a target of 1240.67, nicely above iii of (v) of [iii].

KRAP was down slightly (slightly by yesterday's standards, anyway), sort of like the S&P itself.  It sold off 3.37 to close at 1528.91.  LULU was way down, but CROX was way up and the two nearly counteracted each other, and GOOG and CMG countered much of the rest, so basically you could almost say it technically sold off on AAPL to a certain extent.