Thursday’s trade was thin but strong as the NQ sailed above 12000 and 12100. With regards to the two counts, I’ve been running parallel to each other – the Minor wave 2 appears to be the count in force.
I have updated the labeling and include the Fibonacci extensions for the balance of wave “C” of Minor 2. Tomorrow is a weekly expiration with AAPL holding my attention along with GOOGL.
Resistance for the balance of wave C of Minor 2 comes in at 12185 to 12212, 12310 and then 12572. Should the NQ decide to turn and drop – it would need to do it without any regrets or interest in anything other than finding the bids. If the NQ fails to break above 12262 it would produce a “C” wave failure and the likely result would be “news” driven and force a lot of expiration adjusting – swings that move quickly in both direction – but with the failure it would produce more areas of stronger acceleration. Support should it occur tomorrow should be first found in the area of the (all SMA and EMA readings are from the 4-hour chart), 200 EMA and SMA which is 11961 to 12000, once broken support drops to the 20 MA at 11860 to 11817. The 50 MA is currently at 11766. Additional support comes in at 11640, and then 11350 to 11340.