653 5 11
Looks like a Gartley
I see a bullish gartley but in a different way-
snapshot
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The "B" point isn't .618 on this pattern, although the AB=CD and the .786 ext are close, I personally wouldn't take this trade. IMO .618 is such an important element to the Gartley.
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Same thoughts with this one.
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Even though buyers pushed the price up on 1/02 after heavy selling, there is still a sell shadow on the candle and it is a bearish candle. I have never been one for using fib, however do you not think AAPL will not become more volatile as we approach earnings? Eyes will be focused on IPhone 6 sales (apples cash cow), a better question to ask right now is will iPhone 6 sales beat estimates. Also your stochastic indicator is very sensitive, that almost buy signal could become false, or further declines next week could push the price under 107.13 down towards 105.85. Also Although I agree that there is support at 107.13, that is simply just a price point that exists within the current support zone. The support zone stops at about 103.39. Also current volume is increasing which is confirming the move down. This makes sense as less sensitive settings for stochastic (14,3,3) show a sell signal above 50.

Why use MACD btw? It isn't a leading indicator it is a confirming indicator, all it is confirming right now is that your fast line crossed below zero and there is increasing divergence between your fast and slow lines (bearish).

Also sentiment in AAPL is 425% more bearish compared to a 30 day average. As well sentiment is currently more bearish than bullish. This does not confirm the current short interest of 0.92% (currently 1 day to cover). Short interest has decreased 31.35% so considering that, It would suggest that less people are confident about AAPL declining further. However with the market coming off an all time high and bearish sentiment on SPY being 900% more bearish compared to a 30 day average, I wouldn't expect AAPL to be at all immune to all the bearish sentiment

Overall I agree that AAPL is looking bearish right now, and that is a well drawn bearish Gartley! However I don't always prefer to draw out patterns in the hope that they fill out, all else considered, I believe there will be more bearish selling next week in AAPL which may cause the Bearish Gartley to become unconfirmed.


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Time will tell. Risk is well defined with an entry yesterday. I don't consider sentiment or fundamentals - that's why I use TA. I also look at Stoch as a "cycle" indicator. At this low reading, the chances of being at the bottom of a cycle are good vs. a mid-point up upper range reading.
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