Cycle Chart

Here is an update of the cycle chart I posted on my blog. When I originally posted I mentioned this chart has defined many of the major key reversal dates in the market. The only one that didn't work to perfection was last May. It happened to mark a high but prices quickly rallied higher to the major bear trendline charted above in red. This happened to be the ending of Wave 2 of Primary Wave 1.It is possible that we are nearing the end of Primary Wave 2, and today's date would play in perfectly for a similar scenario to play out. There has already been some talk of this important fractal within the Elliott Wave community. It is funny I can remember being pretty bullish on Apple during last April/May, after what I had thought had been a pretty significant decline in the indicies. They ended up posting good earnings along with Google and both stocks seemed pretty bullish at the time. Soon after, a high was made and Apple never looked back, and the market sent it to $78 a share. Now prices are even higher than last May after even better earnings, but it may be time for it to go back down again.