As I don’t see any major momentum divergence in daily chart, I think it is in wave 3 of wave III. There is a gap between $54.95 and $62.12. Either one of these price could be a support. I see some divergence in hourly chart. So it may be consolidating at this price level between $54.95 and $70.11.
Risk reward ratio is too high to initiate a new trade now. But if...
Price is been consolidating between $9.00 and $10.00 since the 5 wave motive structure that took the price up from $5.43 to $10.83. In the hourly chart I see a MACD divergence against the down trend. So the next up trend should take the price between $14.18 to 17.53.
If I didn’t see the MCD divergence, I would expect the price to drop to 50% retracement to $8.13....
I am seeing a down trend for AAPL since September 2012. It should complete by around Sep 2014 at a price target of $254.
I am expecting wave C to in formation starting December 2013.
