A question was asked about AAPL and my analysis about a month ago on another forum. At the time I suggested that a time to consider shorting AAPL would be as price moved to the 1:1 descending diagonal. I have not followed it closely but a review today finds that price moved through the 1:1 angle.
Chart courtesy of Stockcharts.com
Today price moved to 1/8 of the previous range below the old high. My opinion that this is a very dangerous place to take a long position. The 25% time cycle completes this week and is a good place to move back down to the 50/50 point and complete an A-B-C correction. A volume analysis shows much more selling volume in January than has occurred on the retrace to this point.
Long term AAPL may be in good shape. But until this fall, I am not interested in a long position.
Tags: A-B-C Correction · AAPL · Double Bottom · Price Retrace · Square of Range · Square Out3 Comments
3 responses so far ↓
Hey Andy - does Apple still appear a short to you ? Since it’s not going along the 1:1 descending angle, as you guessed earlier, what does it mean ? Just thought i should ask what your cycle analysis says now..
Thx,
TK-Yes is the short answer. I am looking at that now and will have a post next week.
[...] noted in a previous post, I am bearish on Apple Computer (AAPL) for the next several months. Upon further review I am [...]