AAPL seems to want to drop an astounding 60% of the previous uptrend, down to the 61.8% Fib level at every major dowtrend. Since the stock last split in 2014, Apple has had 2 major retraces, (3 if you actually want to include this one, but I would not unless we go past 30%). Both of those were Bullish retraces, hitting the 61.8% line, all the way up and over the 161.8% on a Fib Extension chart. You might expect this one to do the same, BUT...
Since the last drop in late 2018, this stock has not made it so far, only surpassing barely over the 100% mark. The market is going through a short term dip, which is purely speculative at this point, backed by strong earnings statements just released, and I do not believe it is time for a 60% correction at this time, although time may prove me wrong.
Thoughts on this one: I would buy anything around $255-$265, this would mark a normal profit taking, and we should see value to continue to rise potentially up to the $370 mark.
Since the last drop in late 2018, this stock has not made it so far, only surpassing barely over the 100% mark. The market is going through a short term dip, which is purely speculative at this point, backed by strong earnings statements just released, and I do not believe it is time for a 60% correction at this time, although time may prove me wrong.
Thoughts on this one: I would buy anything around $255-$265, this would mark a normal profit taking, and we should see value to continue to rise potentially up to the $370 mark.
Note
AAPL bounces up BIG after hitting the Support Zone of $256 (which happens to be the short term 38.1% Fib level), and how I originally came up with that number of $255-$265. We will see if this is marked as a reversal, we need to see a strong indication of buying on Monday for this to be a pivot point.
In the case of it returning to new highs, I Hope you guys put in your buy orders at $255-$265! Enjoy.
Note
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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.