Apple (4H update global view) for NASDAQ:AAPL by profilart

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Short: Target 300$ EMA200D (25% drop)

Wave (3) has been completed. Awaiting correction wave (4) which should be abc (5-3-5) or abcde (3-3-3-3-3)

The green zone (300-270$) is the area where we will see the increased volatility and volume what will evidence the bullish reversal to start wave (5) of (V)

Comments

That is highly unlikely to happen without an outside catalyst i.e. new COVID outbreak. We remain bullish on AAPL aiming at 400 - 420:

Apple: Rebound on the 1D MA50. Targeting $400 - 420.

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InvestingScope

@InvestingScope, The chart does not pretend to show the bullish targets but shows us where we are and what is going on in terms of wave analysis giving us the idea that it is too late to take long positions and is time to be ready for reversal.

The price should always bounce from MA50 otherwise how we would register the second wave in the bearish trend?

The catalyst itself is the strongest overbought in general. While Apple is overbought more than the drop of Feb-March 2020 and is currently on historical overbought levels according to daily and weekly timeframes (this is measured by the distance between MA50 and MA12)

Other catalysts:
1) there is divergence between SPX and the breath market indicator "SPX above 50MA"
2) there is divergence between SPX and the breath market indicator "SPX above 200MA"
3) according to JHU COVID is ongoing having a daily increment 250K (worldwide) and 65K (US) and these numbers keep rising
4) VIX and Call Put Ratio are also in favour of swinging the market into bearish trend

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