AAPL has been a great money maker for me. The stock has continuously performed well. This is more of a question to those that study Elliott Wave Theory, than a prediction of future movement. I do believe Apple to be overbought recently, and I do see a dip in the future. I usually chart Fibonacci Patterns, and would expect to see a 38% minor profit taking like the rest of the Tech Industry (NFLX, FB, SQ) etc.
Having just a fundamental understanding of Elliott Wave, I understand we would have about 5 waves upwards, at some point we would see a reversal, and would start to see a downward trend for a little, down to perhaps a fibonacci level of around 50-61.8% retrace. So my question is this - Does anyone see a pattern developing that would call for a reversal, other than what we see in the Relative Strength Index, and Volume?
I am waiting for a pattern to develop to trade on a longer term pattern, and I would expect to see AAPL drop to around $180 or below, depending on what kind of profit takings we see. I see the same patterns developing for most Tech Stocks. Historically, this stock has reversed to about a 38% area, and then shot up. Not knowing enough about this Elliott Wave Theory, I wanted to ask the public about what their thoughts are. To me, this stock is a buy. I have charted areas where I personally plan to make purchases, if it ever reverses here.
The volume is clear to me, the price shot up, but there was just not that much purchasing power behind it to be convincing. I know some have charted this to fall to a lower fib level, and I know some have charted this to rise to $250 area. What are your thoughts on AAPL in 2019?
Having just a fundamental understanding of Elliott Wave, I understand we would have about 5 waves upwards, at some point we would see a reversal, and would start to see a downward trend for a little, down to perhaps a fibonacci level of around 50-61.8% retrace. So my question is this - Does anyone see a pattern developing that would call for a reversal, other than what we see in the Relative Strength Index, and Volume?
I am waiting for a pattern to develop to trade on a longer term pattern, and I would expect to see AAPL drop to around $180 or below, depending on what kind of profit takings we see. I see the same patterns developing for most Tech Stocks. Historically, this stock has reversed to about a 38% area, and then shot up. Not knowing enough about this Elliott Wave Theory, I wanted to ask the public about what their thoughts are. To me, this stock is a buy. I have charted areas where I personally plan to make purchases, if it ever reverses here.
The volume is clear to me, the price shot up, but there was just not that much purchasing power behind it to be convincing. I know some have charted this to fall to a lower fib level, and I know some have charted this to rise to $250 area. What are your thoughts on AAPL in 2019?
Comment:
The RSI on the weekly.
