Apple, where will it go? 25.01.23

Hello, this is Greedy All-Day.
Today’s analysis focuses on APPLE.

Apple’s Current Situation
Chart:

Apple has entered a corrective phase after reaching a high following previous analysis.
While the NASDAQ continues to aim for new highs, Apple is showing signs of correction. Why is this happening?

Looking at the blue box zone, we can see that Apple broke below the ascending trendline on the daily chart, entering the orange supply zone.
Let’s analyze what could happen next and identify the key levels.

A Similar Past Pattern
Chart:
Chart:

Apple’s current chart has similarities to its past performance.
The top chart represents the current trend, while the bottom chart is from July 2021.

In both cases:

An ascending triangle pattern appeared on the daily chart and broke out.
After reaching the target, a correction occurred, marked by a break below the daily trendline.

Historical Perspective
Chart:

In July 2021, Apple retraced below the starting point of the pattern but eventually rebounded after testing support.
If history repeats itself, a similar retracement could occur in the current chart.

Further Correction Expected
Chart:

Based on historical patterns, Apple could experience an additional correction of approximately 12%.
The starting point of the pattern, around $196, marks a potential target for this retracement.

Apple’s Current Position
Chart:

While Apple has shown a slight rebound from the November 4, 2024, low, the rebound around $219 hasn’t been strong enough to suggest a clear recovery.
Given the steep downward slope, there’s a high probability of a continued decline toward the $195 level, which marks the pattern’s starting point.

Buyer’s Perspective
Chart:

For buyers, the best-case scenario is a sideways consolidation followed by a breakout above the resistance trendline.
The blue box resistance at $237.5 is now a major hurdle:

A breakout above $237.5 would provide a positive signal for buyers, encouraging new entries or averaging down existing positions.
Failure to break this level would likely result in further downside, potentially dragging Apple to $195.

For new buyers:

Wait for the price to enter the green box zone for a better entry.
If the price drops into the green box and breaks below it sharply, hold off and wait for further confirmation before entering.

Conclusion
The current sentiment for Apple is bearish, and this may only be the beginning of its correction.

Key Levels to Watch:

$237.5: A breakout would signal a potential trend reversal.
$195: A likely target for further downside in the ongoing correction.
For now, patience and caution are advised, as Apple’s correction may still have room to play out.