APPLE Last chance to buy before $215.We are updating our Apple (AAPL) outlook on our last analysis a month ago (January 04 2024, see chart below) as the price remains under Lower Highs:
The dominant long-term pattern remains a Rising Wedge with the 1W MA50 (red trend-line) providing a strong rebound on February 02, which on the other hand got rejected on the 1D MA50 (blue trend-line). This opens up a short-term window, one final opportunity to buy lower, even below the 1W MA50 where the majority of short-term buyers will be out due to fear of the Rising Wedge bearish break-out.
The previous 2 Channel Down patterns made the final Lower Low on the -0.236 Fibonacci extension. That is a little above 175.00. If the price hits it and at the same time the 1D RSI bounces on its Support Zone, it will most likely be the final buy opportunity. Our medium-term target is intact at the top of the Higher Highs trend-line at $215.00.
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