Apple and the Parabolic rally, part 3
Updated
I can't say this wedge is great, but volume is good, the size and it's position are good, only the shape of it is not that convincing. At the moment, market is dropping a bit in the last hour before closing, which is usually the most important hour of the day.
In my previous analysis, i mentioned about being careful with being bearish on the stock market. Been reading up some more past week and it has become clear, the world and the analysts have turned crazy. But selffulfilling prophecy is very powerful, so this could continue.
Anyway, short term weakness would be a break of 316, after that 308 and the big one is 300ish. The wedge is also at it's max, so it needs to break now or tomorrow at opening, otherwise it becomes very unreliable.
Previous analysis:
In my previous analysis, i mentioned about being careful with being bearish on the stock market. Been reading up some more past week and it has become clear, the world and the analysts have turned crazy. But selffulfilling prophecy is very powerful, so this could continue.
Anyway, short term weakness would be a break of 316, after that 308 and the big one is 300ish. The wedge is also at it's max, so it needs to break now or tomorrow at opening, otherwise it becomes very unreliable.
Previous analysis:
Note
Wow, it seems stock market CAN drop :) lol, so seems the wedge broke now, but important to see it continue coming few hours. As mentioned in my Dow analysis i just posted, there have been countless bear traps past half year on all time frames. Think Apple needs to reach 314 withing 2/3 hours for the 'wedge'to stay reliable. Note
LOL, it didn't take an hour after my update for the market to push up again. I have moved the line of the wedge, which actually makes the shape of it better than the previous one, which i described as a bit doubtful. Only doing this, because the volume keeps on dropping. This time i might short it if we break the wedge, but think i might wait for today's low to break first, to play it a bit more safe. Apple will present it's earnings next week as well, so it could be we won't see anything happen until then, which would invalidate the wedge as well. 
Related publications
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.