The last couple of weeks we have posted a couple of analysis regarding APPLE shares. Near 550$ we warned bulls that a break of 548$ would confirm the end of the upward move from 490$ and that 515$ would be the most probable target. After reaching our goal at 515$ area, we posted a new article expecting an upward bounce that could bring APPLE shares between 535-540$. This upward move we now believe it has finished at 534.75$ with bulls not being strong enough to challenge the short-term downtrend. The rise from 515$ is not impulsive. The rise from 515$ is most probably another corrective wave part of wave C we expect to unfold towards 450$.
In the 60 minute chart as shown above, the short term trend is neutral to down as long as prices stat bellow 551$. Short positions are to be favored and if the recent low at 515$ is taken out, we should anticipate a test of the lows at 490$. Wave B has finished and I believe we are already in wave C down that will complete the wave 2 correction after the upward leading diagonal as shown in the chart below.
The daily chart shows us how prices are testing the Ichimoku cloud resistance and a break of 515$ will commence another phase of lower lows and lower highs that I expect will bring us closer to the longer term target to buy APPLE near 450$. For now my view is bearish for the short- and intermediate term trend. I will be looking to buy APPLE again below 450$ expecting a big upward reversal and a new upward impulsive move. If you want more detailed analysis and want to see how I trade APPLE, become a member today.
As always, thank you for taking the time to catch up on my thinking.