Disappointing earning resulted in Apple finally getting that retracement that's been long awaited and finally breaking a 210 day bullish demand line. Now there are three options to consider.
At some point Apple IS GOING to test the former resistance shown by the red box and this ss below.
Once it does we'll be looking for its Price action.
As a Bull I'd like to see option 3 play out, a retracement to the 0.382 fibonacci level, a break above the resistance box and a confirmation of that box as support. This would be a text book bull market retracement before new all time highs and would give us the perfect long opportunity.
Option 1 would present a chance for some small quick gains that I will not trade, it could easily represent a lower high which would then give us a great short opportunity, or a new ath which we won't have traded because thr RR probably wont have been there.
Option 2 could present a short opportunity if some bearish divergence is formed.
I will update when some more data comes through. Share your thoughts below!
At some point Apple IS GOING to test the former resistance shown by the red box and this ss below.
Once it does we'll be looking for its Price action.
As a Bull I'd like to see option 3 play out, a retracement to the 0.382 fibonacci level, a break above the resistance box and a confirmation of that box as support. This would be a text book bull market retracement before new all time highs and would give us the perfect long opportunity.
Option 1 would present a chance for some small quick gains that I will not trade, it could easily represent a lower high which would then give us a great short opportunity, or a new ath which we won't have traded because thr RR probably wont have been there.
Option 2 could present a short opportunity if some bearish divergence is formed.
I will update when some more data comes through. Share your thoughts below!
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Testing support now! Let's see what happens.
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We are currently experiencing OPTION 3 as I wanted, although a retracement to the 0.382 wouldve been a lot better. Now we wait and see if we can backtest the prior resistance as support.
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Looking for the pull back now as option 3 gave.
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As we accurately predicted 2 DAYS ago an APPLE retracement was imminent. This, however, is more than that. We are currently below support again - lets see whether we can close the day above or not.
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We have so far failed to break back above, we have actually backtested our old support as resistance again. One could take up a short now with a stop loss above the lowest high.
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The last comment still stands, we have failed to get back above support and have backtested the level as resistance again. Further downside predicted.