This is an interesting daily candle pattern we have here. Typically, shooting stars denote the top of a trend within the upper range of the wick.
And that's why this is a silly shooting star. As you can see on the left part of the chart (parabolic curve), there are some examples of shooting stars appearing all along the way. However, these are only sort of silly - in that their wicks are representative of the then-current high of the trend; not some intraday point in the middle like this gem above.
While AAPL has laughed off these semi-silly daily candles by gapping beyond them or by simply attracting too much demand (I guess?), I do not foresee the same outcome for our fully-silly candlestick today.
Hence, the short setup and basic price levels to enter and exit for your convenience.
Interesting analysis. Overall feeling bearish on the market right now so will be keeping an eye on this. Followed!
UnknownUnicorn5511258
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@HayeTrading, thanks and thanks! apple will fall from tree next week, and when it does, all stocks can be shorted with ease. Best of luck.
horacejunior
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I shorted this at 181 and I exited today. I have been destroyed too many times not taking profit but I have no equity here so I hope it goes to $17 and I’ll short it down there
UnknownUnicorn5511258
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@horacejunior, smart. its such a joke that apple is categorically appropriate for the DOW, S&P, NASDAQ and RUSS. Hate how MMs are using it to arb with cheaper offsetting calls/puts against their SPY writes. Nice play from 181 tho, I was right there with you. If aapl breaks 170 early next week, whole market's tanking for sure.
horacejunior
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@Perma_Pig, yeah I just don’t short anymore usually just cash or quick swings for that reason. It’s just utter trash at this moment. It’s made me question what the point is to participating in this market at all