4xForecaster

Update: Week In Review/Forecast | #AAPL #NASDAQ #NAS100

NASDAQ:AAPL   APPLE INC
324 2 1
Friends,

Since the chart's analysis and forecast two days ago, not much has changed. Price has remains stagnant around our released signal level. However, we do expect a reactive rallying at this time, calling for the definition of a few significant overhead resistance levels.

First, level of resistance is purely structural and would allow the market to close a gap at 529.88. However, we believe that before our abysmal targets are met, there might be significant stop-loss hunting going on with measured retracement that may follow three possible scenarios:

1 - Price rallied to our EAGLE's Nest, up to 565.79 and commences a decline from there - EAGLE's nest refers to a Fib-based range marking a probable level of reversal, thus offering the trader an (E)xtremely (AG)gressive (L)evel of (E).
2 - Price rallies to 575.14. In this case, another pattern called "Kiss of Death" (KoD") would ensue, sending the price down to new lower lows.
3 - Price rallies and breaks through all levels, in which case, we would review the entire analysis again, but remember also that such aggressive price transgression against our upper limits might still maintain an overall bearish outlook, which the market gained just a few days ago. In fact, a similar situation occurred with Google             GOOG             , where price went passed our upper limits, but the entire chart remained bearish (see that GOOG             analysis and price action here:
Update: Jab, Jab, Upper Cut ... Knock Out? | #GOOG #NASDAQ
).

OVERALL:
Chart remains neutral following a downgrading from "Bullish" to "Neutral", and a bearish market reversal confirmation remains pending. Interim rally scenarios are likely to occur, but our bias favors a bearish outcome for the time being, as time always tell ...

As Warren Buffett says:

"The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient"

Cheers,


David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting


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Disclaimer from Bob Lobb Law:
All of our analyses are for educational purpose only. The forecasts, analyses and opinions generated herein are not trading recommendations. Want to trade? Then, do your own due diligence first, seek professional advice from a licensed professional and enter the market at your own perils - 4xQuad, LLC.

David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

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All updates on https://twitter.com/4xForecaster
TradeVulture.com
2 years ago
We're probably going to get a bounce off the leg start around 490 back to 515ish.
Reply
4xForecaster PRO TradeVulture.com
2 years ago
Hello, @infinite_margin! Yes, a H&S might very well emerge from current level. It will definitely be an interesting month coming ahead.
Reply
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