A TSC member request came through for an update on Apple (AAPL). My previous update was written right before Apple's latest earnings report and was titled "7/21/2017 – Apple (AAPL) & Its Upcoming Earnings". Since that update, there have been some warning signals for Apple's uptrend that have developed.
In my July update, I had discuss various support levels below Apple's share price at that time. Apple barely dropped into my preferred purchase area / support zone after the article. However, some of those pullback areas are still in play during the current pullback. The current pullback just took a little longer than I anticipated before it started to develop. Let's see how Apple's pullback looks on its candlestick charts.
But before jumping right to the candlestick charts as I normally do, I want to take a peek at AAPL's P&F Charts first.
Warning Signals for Apple's Uptrend?
I want to start out with the Point & Figure charts for Apple (AAPL). The high/low and the closing charts have 2 wildly different price objectives.
The High/Low Point & Figure chart for Apple (AAPL) suggests a bearish price objective of $139.
High/Low P&F Chart
The Closing P&F Chart suggests a bullish price objective of $169.
Closing P&F Chart
How can 2 wildly different price objectives both be valid? Well, I will have to illustrate that from an Elliott Wave perspective in order to do that.
AAPL - Bearish Engulfing Candlesticks
Bearish Engulfing candlestick patterns are bearish reversal candlesticks. This next …...
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I review some bearish items I see developing on Apple's longer-term charts. But then I also provide support areas that can be used to buy the dips, especially the current dip for its share price.
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