$AAPL TOP 20
Added 2023-11-04 20:24:29 +0000 UTC$AAPL did not run aggressively after its earnings as the market got fixated on the YoY revenue decline compared to their record breaking year last year.
But we said before the earnings report, that it had already run up 6% leading to Thursdays report and the market could be factoring in the report then.....turns out they were.
$AAPL still has a long way to run to complete Wave 5 but needs to get over some barriers first.
$AAPL was stopped out at its 50 Day MA on Friday at $176.55, the price finished the week exactly here.
In comparison, $MSFT and $AMZN are well above their 50 and 200 Day MA right now. So $AAPL is looking attractive here and especially if it pulls back.
The price action is still in the bullish wedge and may need to pull back with the market before going higher again......and coincidentally we can see that the 200 Day MA cuts in between the 0.5 Fib and 0.618 Fib right now on the daily chart, so this is the confluence level I will be watching for during its pull back, same on the $SPY and $AMZN chart.
Analyst Dan Ives announced after the earnings report that they are still giving $AAPL a buy rating with a Price Target of $240.
This would be way above the 2.618 Fib at $231 so would mean that Wave 5 would go extended.....Dan Ives is bullish on Tech so this suits his targets but I think aiming for the 2 Fib at $210 would be conservative right now.
