Shanghai Composite - I have been waiting for minor wave ii to end near 2,420 and with the test of 2,411 today we most likely saw wave ii end, which means we should now see renewed downside pressure. The first hurdle to pass will be support at 2,369 and a break below here will ease the upside pressure and shift the pressure more to the downside, but we need a break below 2,333 to really see downside pressure added.
Cameco (CCJ) - In early April I did a follow-up on Uranium stocks (see the post here:
http://theelliottwavesufer.blogspot.com/2012/04/followup-technical-analysis-on-uranium.html)
Now seem to be a good time to do the next little follow-up on one of the stocks Cameco. It broke out of a bull-flag formation on Friday and should now be headed for resistance at 26.45 and its double bottom target near 28, which is more than a 27% rally from Fridays close.
Both the MACD-Indicator and Volume seems to confirm the break-out, so stay tuned...
Apple (APPL) - After an almost perfect 61.8% retracement (615) of the decline from 644 to 572 Apple on Friday is sitting right at the 572 support and a break here will open up the downside for a decline towards the 354 - 363 area. On the way down we will see strong support near 515, but I do believe it will be broken for a deeper decline.
Vertical moves never end good, remember...
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