BIG PICTURE:
Looking at Apple using elliot wave principles and the pitchfork strategy, we have confluence at $160. We may drop a bit to $110 and bounce from there.
DETAILS:
Apple just completed an ABC correction as part of a wave 2 and is currently undergoing a wave 3. The pitchfork confirms this bounce off the 1-band in blue, heading to the median and then the 1-band extension on the other side which lines up with approximately $155-$160. Because the daily RSI is overbought, we may see a drop in the short term back to the 1-band on the pitchfork followed by a bounce to the median. However the 2 and 3 day RSI is still rising, so as long as we are above ~110, this projection is valid.
The equal legs target of the pitchfork confirms this range (approximately $156).
Stop loss below ~110, PT of ~160
Looking at Apple using elliot wave principles and the pitchfork strategy, we have confluence at $160. We may drop a bit to $110 and bounce from there.
DETAILS:
Apple just completed an ABC correction as part of a wave 2 and is currently undergoing a wave 3. The pitchfork confirms this bounce off the 1-band in blue, heading to the median and then the 1-band extension on the other side which lines up with approximately $155-$160. Because the daily RSI is overbought, we may see a drop in the short term back to the 1-band on the pitchfork followed by a bounce to the median. However the 2 and 3 day RSI is still rising, so as long as we are above ~110, this projection is valid.
The equal legs target of the pitchfork confirms this range (approximately $156).
Stop loss below ~110, PT of ~160
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.