AAPL - Short Term Burst Before The Fall Continues?
Following the recent sell off in the US market is it time buy the dip for the tech companies like Apple?
Let's look at it in more detail.
Fundamental indicators:
Technical Analysis (Elliott Waves):
What do you think about Apple and its short term prospects?
Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves.
Thanks
This is an update to the previous idea
Let's look at it in more detail.
Fundamental indicators:
- Revenue and Profits - demonstrated consistent long-term earnings growth over the past 10 years
- Profit margin - a decent 23% margin in 2021, but not as high as some other FANGMAN competitors
- P/E - still quite high at 24x, considering the increasing risks it may need to let more steam out to become attractive to investors
- Liabilities - no problems with debt
Technical Analysis (Elliott Waves):
- Following the Ascending Triangle of wave 4 that had lasted for over a year it looks like the fifth wave completed in January 2022 finalising the global wave 3
- Since then we have been observing the development of the new corrective wave that is likely to last longer than the previous correction, i.e. at least until March 2023
- So far the proposed scenario suggests that after two double zigzags of W to the downside there was a sharp impulse to $179.61, 14 March 2022
- It is often that when these impulses occur against the main movement, in this case against the correction, we can expect another one later on to complete a Running Flat or Running ZigZag
- Hence with the market bounce that took place Friday the 13th it is likely that we are going to see another rapid impulse to the upside with the target of $168
- Once this Running Correction is completed within the outlined channel lines we can expect another complex corrective wave Y to the downside with the target range between $118-$134
- Given that the global 4th wave is going to last until March 2023 it is early to forecast the next movement structure after wave Y is completed
What do you think about Apple and its short term prospects?
Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves.
Thanks
This is an update to the previous idea
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