Is the bottom in?
Options; YES or NO.
1) YES (view above in red): Based on the RSI extreme set in the 1HR at $103.60, it is possible that AAPL has completed the correction. If this is true, the next month will be choppy. AAPL would at least retrace to 50% back of the last leg down (1) before pulling back in (2).
Buy Target: Need to wait for AAPL to pullback to get a clear picture of where to buy in (2). It needs to stay above $103.60 for this view to remain possible.
2) NO (view above in blue): The 4HR chart does not show this bullish RSI divergence, this longer time period divergence would be more convincing that the bottom is in. The possibility shown with the blue dashed line is an 'Expanded Flat'. This would mean that AAPL could retrace up to 38.2% back of the last leg down ($116.73) before turning lower to ((4)) at $95.31. If this is the case, I'd expect to see this range by 10/2. I will be watching for a bearish divergence on the 1HR chart at $116.73) to confirm this view.
Buy Target: Buy in ((4)) at $95.31, sell 50% at half back of the last leg down. Set stop loss to breakeven for risk free trade.
This is not financial advice, just my ideas.
@marketscripters for Divergence+ indicator.
Options; YES or NO.
1) YES (view above in red): Based on the RSI extreme set in the 1HR at $103.60, it is possible that AAPL has completed the correction. If this is true, the next month will be choppy. AAPL would at least retrace to 50% back of the last leg down (1) before pulling back in (2).
Buy Target: Need to wait for AAPL to pullback to get a clear picture of where to buy in (2). It needs to stay above $103.60 for this view to remain possible.
2) NO (view above in blue): The 4HR chart does not show this bullish RSI divergence, this longer time period divergence would be more convincing that the bottom is in. The possibility shown with the blue dashed line is an 'Expanded Flat'. This would mean that AAPL could retrace up to 38.2% back of the last leg down ($116.73) before turning lower to ((4)) at $95.31. If this is the case, I'd expect to see this range by 10/2. I will be watching for a bearish divergence on the 1HR chart at $116.73) to confirm this view.
Buy Target: Buy in ((4)) at $95.31, sell 50% at half back of the last leg down. Set stop loss to breakeven for risk free trade.
This is not financial advice, just my ideas.
@marketscripters for Divergence+ indicator.