• 396 days Will The ECB Continue To Hike Rates?
  • 396 days Forbes: Aramco Remains Largest Company In The Middle East
  • 398 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 798 days Could Crypto Overtake Traditional Investment?
  • 803 days Americans Still Quitting Jobs At Record Pace
  • 805 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 808 days Is The Dollar Too Strong?
  • 808 days Big Tech Disappoints Investors on Earnings Calls
  • 809 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 811 days China Is Quietly Trying To Distance Itself From Russia
  • 811 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 815 days Crypto Investors Won Big In 2021
  • 815 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 816 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 818 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 819 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 822 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 823 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 823 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 825 days Are NFTs About To Take Over Gaming?
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Joseph Russo

Joseph Russo

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating…

Contact Author

  1. Home
  2. Markets
  3. Other

Apple Setting Up For a Big Pop or Hard Drop

Apple's Apple

A quick technical heads up for Apple traders and investors

Following its 45% fall from grace last year, Apple has been on the rebound since printing its 385.10 low in April 2013. Since then, despite rallying more than 38%, and retracing nearly 62% of its bearish decline, the stock price remains almost 200-pts away from its all time high.

Technically, Apple's larger secular trend remains bullish; its cyclical trend from the 705 top remains down, its medium-term trend from the 385 low remains up, while Apple's short-term trend from the more recent crest at 575 remains sideways with a downside bias.

Apple Weekly Chart

On the bullish side of the equation, so long as 385.10 holds pivot low, a breakout and sustained trade above the topside of the downtrend channel shown, will ignite a buy trigger promising in excess of 250-pts in upside to fresh historic highs. From an Elliott Wave perspective, if Apple is able to achieve new highs, the Cycle degree "C" wave noted at the 705 crest will become highly suspect.

In contrast, failure to reclaim and sustain trade above 583 in the coming weeks has the technical potential to usher in another large leg down equal to the last, citing a downside price objective near 255. If the corrective rally from the 385 base is over, an imminent and sharp 3rd or C-wave decline is primed to unfold.

As long as 705.07 holds high, a breach of the key uptrend drawn from the 2009 bear market low will likely bring about a move to the standing target noted at 310. We'll also be looking for the next key pivot high/low of plausible import toward the latter part of October 2014.

Until Next Time,
Trade Better / Invest Smarter

 


The Chart Cast Pilot and Elliott Wave Technology's Guardian Revere Long-Term Trend Monitor are the proud sponsors of the preceding post.

 

Back to homepage

Leave a comment

Leave a comment