Pullback if any would target firstly 1444.00

11:45 AM
There was only a minor pullback at open today. Bull is really strong! Can a pullback happen tomorrow? I doubt it. Seems peoples accept to buy high to sell higher. The 5 min chart looks a bull flag forming? Bulls are very probably going to challenge 1470.96 before a meaningful pullback. 
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I got time to recalculate the maximum target of the minor 5-wave pattern that I labelled from i to v and I found that the max-value of v can be 1456.12, however it is not the imperative and v could be legitimately finished at 1455.51, the yesterday's high.
The big question to me now is where would be the target/firm-support of a pullback if it happens. My first suggest would be 1444.00. Let see!

Expecting a pullback around the area 1442.88-1444.00

10:55 AM
Bulls don't want a pullback at 1444.00. Instead they pushed the prices up to the area 1448.25-1453.61 I mentioned yesterday. Bulls are strong, however technically, the rally looks a bit stretch. The expecting pullback must happen around 1453.61 +/- by late today or tomorrow. So, it's not safe to chase the price at this 1449.xx.
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The rise from the low 1425.53 looks like a minor 5-wave pattern. I don't know if this is the beginning of a bigger impulsive movement or it's only a bounce of ABC form of a bigger decline from 1474.51. In any case, I expect to see a pullback around the area 1442.88-1444.00 to make a wave 2 of the impulsive rise or B of the correction.
Seems we are going to see a price pop-up at the open today but I consider it as a selling but not a chasing. The buying-chance would come after we see a pullback to a reasonable level.

The rebound if any would challenge 1448.25-1453.61 in next few days?

The Friday I said "If we see a dip and the area 1427.00-1428.00 holds well for the day, I think I would buy this". The Friday's low was lower than 1427.00 but the index closed the day at 1428.88. I considered it as positive and it could be a turning point when the drop from 1470.96 to 1425.53 looks 5-waves pattern finished (more detail analysis can be found at  http://elliotwavetrader1.blogspot.com/).
The other positive points I noticed from Friday's markets are: DJ-20 up +0.88%, DJ-30 up +0.02%, Nasdaq 100 index up +0.03%  and the flagship Apple Inc up +0.26%.
Now when the New York time is 6.40 AM, I can see Europe markets and Euro up more than 0.40% - a very good sign for the US markets at open.
There is news that Apple Inc will unveil the iPad Mini on October 23 ttp://themarketsareopen.blogspot.com/2012/10/aapl-apple-inc-nasdaqaapl-round-up-ipadmini.html
I expect no big selling pressure on AAPL before that October 23.
For a very short-term challenge/target of this rebound I think the Fib 38.2% at 1442.88 would be closely watched before the next area at 1448.25-1453.61.

1427.00-1428.00 critical supports

Bulls made a big jump at Thursday's open however couldn't hold the gain they made after 11.00am. It was a credit given to bears.

The 1427.00-1428.00 area which is the confluence of the lower line of the rising channel, the BB 20x2 and the MA50 remains the critical support for bulls.

For those who believe that prices' behavior after Sept. 14 is an ABC correction mode, C is near or already in and it's time to rebound or a small dip/consolidation before a rebound.

If we see a dip and the area 1427.00-1428.00 holds well for the day, I think I would buy this.

If we see a rise, I think a short term target for day-trade to care would be the yesterday's high at 1443.90.

The lower-line of the rising channel as well as the MA50 are critical supports for bulls

Welcome back to my blog dear visitors, I enjoy so much my tour to Amsterdam, Brussel, Paris, Rome and Munich. A lots of things to see to admire and to think about.

Back to the market forecast, I admit that my Elliott counting for wave 5 extended and a short-term target at 1494.00 was not correct. Instead, bears had done a good job to keep prices under a consolidation and correction for last 12 days. Now with yesterday's low at 1430.64 approaching the lower line of the rising channel initiated from 1266.74 - June 4, approaching the support Moving Average 50 and met with the lower Bollinger Bands 20/2, bears' duties expected going to finish and a rebound is imminent.

If a rebound happens today and the price could print around or more than 0.50%, I expect the first target of bulls could be 1455.00.
If the prices close in red, the lower-line of the rising channel as well as the MA50 are critical supports.