This is a follow up video from the AAPL timing high video. If AAPL closes below last weeks low we would have a bearish engulf at price and time resistance.
The market had a wild day breaking the symmetry but it is important to know that the symmetry was what we consider to be minor meaning; since the March 09 low the pullbacks have been very shallow and today we broke out of that shallow type corrective condition.
This is the first ABC from the high so it is still labeled bullish even though it feels bearish. Yes, the pattern as it goes could turn to a bearish pattern but that is still a few legs away. We say that it is the last bullish pattern that fails is what starts a new direction so we need to find a low bounce and then fail before we can say the high is in for sure.
We are coming up to the next support so we would be aware of a big reversal day coming soon if not tomorrow.
Happy Trading,
Original AAPL Video: http://eminischool.blogspot.com/2011/07/aapl-timing-video.html
July 20th 78% time resistance video: http://eminischool.blogspot.com/2011/07/fib-time-video.html
