Apple, 15 Nov. Elliott Waves | Gann Levels | Geometry
Apple appears to be strong and a support on Gann level 150 would indicate that bulls are ready to take AAPL to the next ATH.
Narrative:
The current market is driven by bonds and interest rates. From a technical perspective, the bounce in the 10Y yield was expected and confirmed by CPI data. The question is now if/how the stock market will respond, and how soon we will see an effect.
Elliott:
If price continues up, we must assume that (ii) is complete and expect an expansion of momentum into a wave (iii).
Gann:
Support: 144 and 139
Resistance: 150 and 157
How I trade it:
Price approaches the 50-65% retracement level (blue box) where it could reverse. If it doesn’t, an approach could be to invert the short position at breakeven into long exposure with the idea to participate in a wave (iii).
Narrative:
The current market is driven by bonds and interest rates. From a technical perspective, the bounce in the 10Y yield was expected and confirmed by CPI data. The question is now if/how the stock market will respond, and how soon we will see an effect.
Elliott:
If price continues up, we must assume that (ii) is complete and expect an expansion of momentum into a wave (iii).
Gann:
Support: 144 and 139
Resistance: 150 and 157
How I trade it:
Price approaches the 50-65% retracement level (blue box) where it could reverse. If it doesn’t, an approach could be to invert the short position at breakeven into long exposure with the idea to participate in a wave (iii).