Short

AAPL trading in rising wedge and pennant!

Updated

AAPL is trading in one rising wedge, dating back from 2012 (blue lines) and one rising pennant (red lines), during March. Rising wedges and pennants are a sign of weakness. Last week, an important support line has been broken. 1st TP $164 (0,618) and below is possible (Flat-pattern).

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See below on 15min a more detailed view.

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There might be a retest of the blue resistance line, because there is also another Pennant pattern (blue dotted). A small wave 2 would also be possible.

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See below on 1min

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Make your choice and trade carefully!

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AAPL at Fib 0,618 ($164) of leg "a" (blue): This is not the end of this correction! If AAPL finds enough support at this level on Monday and Tuesday, there will be a little run, to retest the blue dotted line. (Probable FailedFlat-pattern). A realistic target could be Fib. 1,000 ($153,30). (Preferred Flat-pattern)

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A further possibility could be, that this wave "c" is extended (1,618 of wave "a")! TP for this would be $136,85.

wolfah

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