$AAPL TOP 20
Added 2023-05-14 15:09:04 +0000 UTCThe bulls have really came out for $AAPL over the last 2 weeks, it managed to break above the historical trend line and above the ascending wedge, which is typically a bearish formation. That being said, it finished the week back in the ascending triangle, so we can not rule out that the break out may have been a fake out for now.
Also the structure since bouncing at the start of the year, although valid as an impulse wave, there were some very vertical moves, similar to that of $TSLA when it bounced at $102 and as we can see from $TSLA, it pulled back substantially. So I am not ruling out the structure being an ABC count, I have added in the white ovals to show potentially how high this ABC move can go, as part of an ABC count.
$AAPL has just overtook the market cap of the entire Russell 2000, which is beyond remarkable, the Russell 2000 is made up of 2000 small cap stocks in the US.....so I think it is fair to say that $AAPL carries significant weight on the market and has possibly saved the decline, so far, along with $MSFT and a small number of others.
So What Now?
It is still following the green line perfectly, so we can not deny that the impulse wave and bull case is in control here, it hasn't put a foot wrong.
$AAPL is by no means undervalued right now and has a PE of 29 at the moment.
This is not a buy for me at this current price.
