AAPL. Shark pattern and triangle breakout target new ATH
My previous idea on Apple shares was based on a wave count which resulted on a huge Stop-Loss. Shorting Apple on a growing market was not a good idea... Thankfully, I achieved to hedge the losses with two Options plays on revenues publishing.
Now, how many green candles left? I believe, Apple may top between 161 and 163 values. Have two strong reasons for this statement:
1. A completely valid Shark pattern whose 224% extension targets 162.80.
2. A triangle, broken to the upside, which breakout targets a very similar value.
Currently, RSI indicator on a weekly timeframe shows as overbought, thus we will probably have a correction before the market continues setting new All-Time-High values. I will search for longs on some significant level that will show important resistance, probably 122 zone may be good for the purpose.
Now, how many green candles left? I believe, Apple may top between 161 and 163 values. Have two strong reasons for this statement:
1. A completely valid Shark pattern whose 224% extension targets 162.80.
2. A triangle, broken to the upside, which breakout targets a very similar value.
Currently, RSI indicator on a weekly timeframe shows as overbought, thus we will probably have a correction before the market continues setting new All-Time-High values. I will search for longs on some significant level that will show important resistance, probably 122 zone may be good for the purpose.
Trade closed: target reached:
Lets see what happens now
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
Harmonic patterns start to work so probably it is slowing down, preparing a healthy correction