Yesterday I posted a chart showing the potential bullish move that is possible if price manages to break the downward trend line and find its way back above 15000 and the neutral zone. That would give us a similar recovery the past two deep pull back. However, given the continued weakness and bearish news out on AAPL post market today we should be prepared for a breach of the recent low. If that happens we would be looking at a 3 drive scenario where price may end up at the 14000 level and 200sma. The next few days may provide the additional catalyst for such a move. Its always best to have your levels identified in advance.
Hello. What do you think? Is the direction still down after today's trading? Tnx.
WadeYendall
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@uhljarrobert, Right now we are trading in this consolidation highlight by the box. A range between 14365 and 15000. Until price breaks out above or below I can not predict where price is likely to go. The market is waiting for a catalyst and probably more earnings to come out before it finds a direction.
Trebor74
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@WadeYendall, Can you imagine the 15,000 stopping the rise again? Im waiting 14000. Im in short. Bad idea?
WadeYendall
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@uhljarrobert, I don't know what the market will do, but I do know that 15000 is resistance until it is not. Price is likely to pull back again when/if it gets there. If price breaks above 15000, however, it is likely to make a strong move back up. A break and hold above 15000 would negate the 3 drives scenario.
WadeYendall
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@WadeYendall, Just past the 15000 level the downward trendline is also in play. It should act as resistance as well.
UnknownUnibitcorn
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thx forinsigt !
take care
Call_the_bottom
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I'm all for the 3 dives since I'm short NQ futures