Stock is beautifully inside a rising wedge and reacted well and nicely to 50 % retracement of last rally and possibly has started a new motive wave.
Apple is now above the short term down trend line. I am currently in by taking out a minor high in hourly time frame and going to add to my position above 144.81 and 147.47 highs. It is average up in the right direction ( We should never average down in a wrong direction).
SPX broke the short term down trend line strongly and NDX is going to break it soon. So generally there is no major risk in the market. We know the role of APPL in controlling the whole market.
There is a nice overlap between top of the rising channel and 1.272 extension of last drop at around 163 USD which makes it our first target. But, we keep it in mind that we never sell our shares without a bearish sign in resistances. Just imagine the break out of the top of the rising wedge!
I myself close all my position immediately in the case of loosing base of wedge support. We always have to trade objectively. We always have to ask ourselves : (( What if I am wrong? )).
I lost the good chance of entry before, but market always offers more chances and I am not going too loose this one !
Wish you huge profits my friends.
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It took out 144.81 last minor high. I added to my position. It is in right path.
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APPL took out 147.47 high and I added to my position as planned before.
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Congrats my friends. We made another nice trade from the last bottom to the new ATH ! As wave pattern suggests APPLE still goes higher.
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It is exactly at the top of the wedge ! lets follow the up coming battle!
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Broke top of rising wedge ! pessimistic scenarios are fading ! we got it right.
Mr saeed