wolfah
Short

AAPL trading in rising wedge and pennant!

NASDAQ:AAPL   APPLE INC
AAPL is trading in one rising wedge , dating back from 2012 (blue lines) and one rising pennant (red lines), during March. Rising wedges and pennants are a sign of weakness. Last week, an important support line has been broken. 1st TP $164 (0,618) and below is possible (Flat-pattern).
Comment: See below on 15min a more detailed view.
Comment:
Comment: There might be a retest of the blue resistance line, because there is also another Pennant pattern (blue dotted). A small wave 2 would also be possible.
Comment: See below on 1min
Comment:
Comment: Make your choice and trade carefully!
Comment:
Comment: AAPL at Fib 0,618 ($164) of leg "a" (blue): This is not the end of this correction! If AAPL finds enough support at this level on Monday and Tuesday, there will be a little run, to retest the blue dotted line. (Probable FailedFlat-pattern). A realistic target could be Fib. 1,000 ($153,30). (Preferred Flat-pattern)
Comment: A further possibility could be, that this wave "c" is extended (1,618 of wave "a")! TP for this would be $136,85.
I'm definitely short term bearish if we gap below $177.50. But just see that as a retrace as long as we stay above $166. Below that, we could be in for a longer bearish period and further downward movement.
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wolfah Tracks
@Tracks, tnx for your comment! I absolutely agree with your view. Let's see what happens tomorrow, Monday 18th.
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