AAPL is showing a continued upward trend, particularly in a long-term fifth wave. Investors and traders should take note of this development as it may present profitable opportunities. It’s important to analyze the market conditions, track historical data, and consider various indicators to make informed decisions. By doing so, investors can potentially capitalize on the positive momentum of AAPL. The monthly chart shows that AAPL is testing a strong support zone of 160-167. On the chart, you can see this month’s strong ongoing pullback from 182 slowing and a hold of that pullback in the support 160-167 zone. Only a break below 160 will tend to invalidate the upside extension in the measured fifth wave long-term and short-term.
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The Weekly AAPL chart reveals the ongoing falling wedge flag formed just above a strong support of 165. A break below 164 is required to invalidate the upside extension and deny the fifth wave continuation higher, and we are seeing a test of the uptrend channel support line. It is advisable to position yourself in just one trade direction and not to try to catch every swing. We need to see a bounce off this zone to extend higher.
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How to trade this?
It is a fact that a strong upside support for Q4 is 160. If we get a confirmed bounce from here and a break above the 180 we could see an extension higher to 200 again. Near-term, long-trade entries have a higher probability of success. We can open the long trade here with a bit of risk and stop the loss below 160. You can trade this price action with the options as well.
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