ir-rizzle

$AAPL headed to $160 by end of year

Long
NASDAQ:AAPL   Apple Inc
BIG PICTURE:

Looking at Apple using elliot wave principles and the pitchfork strategy, we have confluence at $160. We may drop a bit to $110 and bounce from there.

DETAILS:

Apple just completed an ABC correction as part of a wave 2 and is currently undergoing a wave 3. The pitchfork confirms this bounce off the 1-band in blue, heading to the median and then the 1-band extension on the other side which lines up with approximately $155-$160. Because the daily RSI is overbought, we may see a drop in the short term back to the 1-band on the pitchfork followed by a bounce to the median. However the 2 and 3 day RSI is still rising, so as long as we are above ~110, this projection is valid.

The equal legs target of the pitchfork confirms this range (approximately $156).

Stop loss below ~110, PT of ~160

Comments

I really like the technicals, but what about valuation? I bet if gadget maker with PE 37 (was traditionally near 15 PE with better growth than now) and YoY growth of oil pipeline stock will grow to 50 PE and later 70 PE as you prospect the market should crash earlier... Cause this is truly insane valuation
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