In a previous update for Apple (AAPL), I reviewed its probable long-term prospects. Apple has had a lengthy, sideways correction over the last several weeks in the mid $140 price range. So is the correction over? What are upside price targets? What about a bad earnings report currently scheduled for August 1, 2017?

Let’s get some answers to those questions and more!  Its time to dive into the charts!

Apple (AAPL) – Weekly Analysis

This first chart for Apple (AAPL) is a 2 year weekly candlestick chart. The Fibonacci Extension Tool I’ve placed on the chart illustrates that AAPL has already reached the Golden Ratio of its uptrend. The Golden Ratio is represented by the 161.8% Target Line.

But I still think there is more upside for Apple’s share price. But before it does reach higher, there may be one more pullback. The trendlines and re-test of the previous resistance area indicate a possible pullback all the way to the $133 area.

With a bad earnings report, Apple’s share price could even push down towards the $[s2If !current_user_can(access_s2member_level1)]……

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I review support areas for Apple’s share price in case of an earnings miss. I also review upside price targets using Elliott Wave analysis.

If you are not a Trendy Stock Charts member, consider joining today! There are several different subscription plans available.[/s2If][s2If current_user_can(access_s2member_level1)]125 price area. But there is another method to use for Apple’s pullback that should provide for accurate pullback results.

AAPL – P&F Chart

Before I look at the other method to calculate Apple’s pullback area, let’s peek at the Point & Figure chart for Apple (AAPL). This is a Closing P&F chart for Apple (AAPL).

The bullish price target of $134 is the same for both the Closing and the High/Low (intra-Day) Point & Figure charts. Those charts don’t help at the current time.

AAPL – Elliott Wave Analysis

Let’s go back to the same 2 year weekly chart for Apple, only this time I labeled from an Elliott Wave perspective.

If earnings is a total disaster and guidance sucks, Apple’s share price could drop towards the $125 price level. I do not anticipate that happening though based on the above Elliott Wave breakdown. Here are a couple of important items from the above chart:

• The $136 price level is the bottom of Wave 4 within a Wave 3, that is the highest probability pullback area for the current pullback
• The next upside touch of the Trading Channel is the one to make sure you are out of the stock; the next upside touch is preliminarily estimated to be in the $180 price range

Now there is a chance that AAPL has resumed its uptrend. That would be based on the decreasing selling momentum per the MACD Histogram. Decreasing selling momentum is an early indicator of a potential bottom area.

Apple (AAPL) – Summary

If you are looking to be long Apple (AAPL) for the next leg of its uptrend, then look to use any earnings sell-off to make a scale-in purchase. A 10% sell-off to the $135 – $138 price level would be an excellent place to go long again.

If Apple’s share price continues to run higher before its next scheduled earnings report, do not chase it. A new 52 week high before its earnings report indicates a probable sell-off. Apple’s next earnings report is currently scheduled for August 1, 2017. I will be watching next week to see if it gives me and mom an entry back in or not before earnings….if not, I may have to wait a few weeks after earnings….either way, I will be watching…

Good luck trading!

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