Market Update: Apple Elliott Wave Update
An update from my previous article, Apple held the 200DMA, and still inside this trend channel however it's still showing signs of confusion, as well as the US markets, due to the sideways range for the past few months, there could be a triangle setting up for a move higher in a wave , the triangle would be wave .
The Current Elliott Wave count has this in a suspected 4th wave as its still holding form above the 200DMA.
Until this actually gets itself below the 200DMA, then the trend is still up, and whilst there parts of the US markets appear a little more Bearish, the same can't really be said for this stock, it only really suggests more bearish price action under the trend channel and 200DMA.
So whilst price hovers around in this range, I am going to consider the potential for a push higher, as the decline off the price swing high at $426, don't really fill me confidence yet of a solid trade able high in place.
Whilst it drifts sideways the option for a move above the prior swing high at $26 is still open, and a potential target could be around the $435 area, which tends to suggests that the NDX could see some strength if AAPL can hold firm above the 200DMA.
Until next time.
Have a profitable week ahead.