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UnknownUnicorn12250317
Nov 22, 2021 11:50 AM

Apple, 22 Nov. A Pitchfork for Wave 3 Long

Apple Inc.NASDAQ

Description

AAPL expands higher into a wave iii (in green) as expected. We can now look for profit targets to scale back.

Elliott:
The current wave may extend higher. If the count is correct, we can expect a wave iv (in green) and one more ATH afterwards.

Geometry:
The pitchfork is respected very well if we look at wave (i) and (ii) for example. It therefore makes sense to assume targets at the .75 fib (the same area as Gann level 163) and at the upper boundary (blue dashed line) towards Gann level 169.

Gann:
Support: 157
Resistance: 163, 169

How I trade it:
The idea is to protect longs with a trailing SL and take partial profits at the pitchfork: 163, 168. Once we detect a wave (iv) it is possible to scale back in. The intention is to trade AAPL higher while banking profits and being aware that Nasdaq is at potential resistance.
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