AAPL has reached a new high of 200 and is pulling back. A break above this resistance will open a new strong bullish cycle. Still, we are seeing a terminal phase of the long-term and long-term and short-term Elliott Waves in the consolidation rising wedge which is not giving us a bullish expression. A break below 185 again is calling for a bigger pullback to 165 a key support for the bullish continuation.
The Weekly AAPL chart reveals the rising price action wedge, a test of its upside resistance, and an already-mentioned key l85 support that was broken to the downside. A break below 175 is required to invalidate the immediate upside extension and will mark the fifth wave short-term finished especially in the case of a break below 165.
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As the famous trader says…
“Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment.”JOE VIDICH
How to trade this?
It is a fact that a strong upside resistance for Q1 2024 is 200. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a higher probability of success but for the conservative traders upon a break below 165. Long trade entries are also possible but only on a price action confirmed break above 200. You can try a short trade here with a stop loss above 185. For inquiries about account management please write to [email protected].
