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AAPL, DAL & SIRI
June 2017 is over. What better time then at the end of a month to take a look at some monthly candlestick charts. All of the below charts are 5 year monthly candlestick charts to review the longer-term trend for each. I will also be posting some updates in the Idea Chamber over the holiday weekend, so be certain to subscribe to your favorite forum topic.
This long-term trend review is for AAPL, DAL & SIRI. Let's get started!
Apple (AAPL) had its first slow-down in its long-term buying momentum in June 2017 according to the MACD Histogram. It also developed a Bearish Engulfing candlestick pattern for June on selling volume that was greater than the previous month's volume. That indicates that AAPL's trend is over or "nearly over". Nearly over is the case IMO for AAPL's share price based on the progress of its Elliott Wave pattern.
Apple's share price appears to be in Wave 4 of a Bullish Impulse wave pattern. If I've properly identified AAPL's Elliott Wave pattern, then its share price has one more new all-time high to make before a longer consolidation period sets in.
The Bearish Engulfing candlestick pattern for June 2017 is a bearish reversal candlestick pattern. This candlestick seems to identify the start of Wave 4 in the Bullish Impulse wave pattern.
Wave 4 of a Bullish Impulse wave pattern is a corrective wave pattern, meaning there will be volatility and overall a correction in its price. Trendy Stock Chart members can read more about the characteristics of Bullish Impulse wave patterns in the members-only section for Elliott Waves.
The gray shaded boxes represent 2 different areas where…...
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I look at some support areas to begin building a position in AAPL during its pullback.
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