Apple (AAPL): Bullish Breakout and What to Expect Next
Apple has broken out above the range between $198 and $165, currently trading around $210. This breakout is seen as very bullish, indicating that we can discard our alternative scenarios. We are confident that Wave (4) completed at $123 and we are now in the larger Wave (5).
Current Situation:
Confluences:
Strategy:
The outlook for Apple remains bullish. We anticipate a correction within the $185 to $165 range, with strong support around $175. We will monitor the situation closely and communicate any order placements through a market report.
Current Situation:
- Elliott Wave Analysis: We believe that the initial super sub-wave ((i)) of the larger Wave (5) needs to correct after the strong rise since mid-April.
- Correction Levels: We expect a potential pullback to the $185 to $165 range. Whether it will reach as low as $165 remains uncertain.
Confluences:
- RSI: The RSI is overbought but without a bearish divergence, indicating continued bullish momentum with a "normal" pullback.
- Volume: Support should hold around $175, providing a potential entry point during the correction.
Strategy:
- No Immediate Orders: We are not placing any limit orders yet.
- Market Report: If we decide to place a limit order, we will issue a market report to inform our group.
The outlook for Apple remains bullish. We anticipate a correction within the $185 to $165 range, with strong support around $175. We will monitor the situation closely and communicate any order placements through a market report.
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