Apple: Simple Correction Or Going Down?
Alexandros Yfantis | Nov 08, 2013 10:11AM ET
Apple (
The weekly chart above shows that prices have reached the 50% retracement from the highs. If Apple is in its final corrective wave up -- or in a new upward move -- we should expect the current wave to unfold and complete 5 waves up from above $504. So bulls could use that level as a stop. Important resistance level as shown in the weekly chart is $569, where the 61,8% Fibonacci retracement is. So the next couple of sessions are important for Apple as far as its intermediate-term trend. It could target $570 and higher or confirm a top and start a new downward move toward $400.
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