So basically, I have been eying Apple for a while... and I noticed today that the pattern sinjce the market top in late 2021 appears to resemble an EXPANDING DIAGONAL which is a somewhat uncommon elliot wave chart pattern.
The rally from the lows in early 2023 also is clearly a zig-zag up into the resistance zone at the all-time-high.
There also appears to be pretty strong RSI divergence down from the 2019 and 2020 highs.
So, if I am right, we have a 30% correction in
AAPL
(and possibly stocks writ-large) about to arrive.
I am currently positioned to be market-neutral (with both longs and shorts in my portfolio), because I actually think directionality is unclear.
However, this does tie-in with what's happening on NFLX and certain other stocks.
So I think this could be the risk-off moment that people have been waiting for.
I am going to attempt to scale into a short here, and place my stop loss slightly above the all time highs.
I expect a 30% correction in the market. So this isn't a huge collapse (yet...) so don't get over-ambitious and manage your risk.
The rally from the lows in early 2023 also is clearly a zig-zag up into the resistance zone at the all-time-high.
There also appears to be pretty strong RSI divergence down from the 2019 and 2020 highs.
So, if I am right, we have a 30% correction in
AAPL
(and possibly stocks writ-large) about to arrive. I am currently positioned to be market-neutral (with both longs and shorts in my portfolio), because I actually think directionality is unclear.
However, this does tie-in with what's happening on NFLX and certain other stocks.
So I think this could be the risk-off moment that people have been waiting for.
I am going to attempt to scale into a short here, and place my stop loss slightly above the all time highs.
I expect a 30% correction in the market. So this isn't a huge collapse (yet...) so don't get over-ambitious and manage your risk.