AAPL - bull in a bearish market
Quite a chart where multiple indicators and trend analysis seem to agrees on the same action.
Fibonacci wave analysis shows bottoming of wave 4 at around $135.00 (38.2%)
Trend bottom interpolation expects the price to meet at $135.
Volume profile gravitates between $135 & $128.
MACD & RSI needs to reverse, but seems to be close to bottoming to reverse.
Need to lookout for DCB @ 135$. Also wave 5 is tricky. Would be better to look out for next wave 1.
If $135 fails to hold I'd look for next support between $130 - $128.
Overall market volatility has fared better (SPX vs VIX). Currently diverging pattern, which is good.
However SPX & SPY - MACD & RSI seems to indicate that a market support has not yet been established, and could still drop.
There is also apple event on October 18, stocks could fall leading upto the event, and bounce back after that establishing this pattern.
Fibonacci wave analysis shows bottoming of wave 4 at around $135.00 (38.2%)
Trend bottom interpolation expects the price to meet at $135.
Volume profile gravitates between $135 & $128.
MACD & RSI needs to reverse, but seems to be close to bottoming to reverse.
Need to lookout for DCB @ 135$. Also wave 5 is tricky. Would be better to look out for next wave 1.
If $135 fails to hold I'd look for next support between $130 - $128.
Overall market volatility has fared better (SPX vs VIX). Currently diverging pattern, which is good.
However SPX & SPY - MACD & RSI seems to indicate that a market support has not yet been established, and could still drop.
There is also apple event on October 18, stocks could fall leading upto the event, and bounce back after that establishing this pattern.
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