Apple top and bottom targets hit, now what?

“I have been writing about Apple fairly regularly over the last several months, and in that time, we have seen some wild swings. Many people who have commented on the columns have questioned the use of Elliott Wave to be able to predict price patterns, even though we have been hitting our targets almost to the penny,” Avi Gilburt writes for MarketWatch. “While the use of any methodology can never be 100% accurate, I am seriously hoping that the public market calls I have been making, especially in Apple, may persuade some readers to learn more about Elliott Wave and how powerful a tool it can be.”

“As of today, I have been inundated with emails asking if the bottom is in now. And, believe it or not, it may not be in just yet,” Gilburt writes. “In fact, there is still a pattern which can take it back down to the Fibonacci extension at the 500 level for a final bottom. It would mean that AAPL may yet still rally as high as the 575 region and drop one more time to the 500 level.”

Gilburt writes, “However, if AAPL is able to move beyond the 576 level with strong volume, then it becomes a very strong probability that this last bottom was the bottom, with the expectation for new highs yet to come in early 2013.”

Read more in the full article here.

Related articles:
Apple hits upside target. Now what? – November 27, 2012
Watching Apple stock for signs of a bottom; huge buying opportunity looms – November 13, 2012


    1. Another exemplary case of a “financial/business” writer with two assholes, one on each end.

      If this guy knew anything at all, he would be talking about the ratio of Puts to Calls. From a Sept high ratio of 0.98:1, AAPL’s Put/Call Ratio dropped to 0.65:1 (November 16). Since then it has cruised along at 0.66:1 until this last Tuesday when it increased to 0.67:1. Today that ratio has returned to 0.66:1.

      Simply put (no pun intended) when the ratio approaches parity 1.0:1.0) the market is extremely Bearish about AAPL’s prospects. When the ratio approaches its historic low (which is 0.62:1) the market is extremely Bullish).

      The very small rise from 0.67:1 from 0.66:1 (which only lasted three days of this past week) only reflects the very short term (and very minor) increase in negativity caused by COR Clearing changing its margin requirements. The longer view market is saying ho-hum, there is far more upside potential in AAPL, than there is downside.

    2. Where is “Squiggles” with his PBJ or BUTR analyses on his TOST chart now that we need him? At least you knew what he was saying. “Fibonnaci extensions*?” What’s next, an Avogadro inverse versine quadratic predicting when the next trip to the toilet will be?

      *Yes, I looked it up and it still makes no sense as an economic tool.

  1. soo…….. `it may go up and then down, hoever if it goes up a lot then this was the bottom….`
    gee… thanx for your infinite wisdom. as Red Forman would say: “dumbass!”

  2. If everybody trades on technicals, then where’s the advantage? Wouldn’t most price moves just be self-fulfilling, as technicians wait for certain tea leaves to fall in place before initiating a position?

  3. What he’s really trying to say with all that double-talk, mumbo-jumbo gibberish is that he doesn’t know diddly-squat about which direction Apple shares are going either today, tomorrow or the next.

    Damn it. I’m getting sick of listening to all the cock and bull theories about Apple. I just wish it would go up already instead of down already. Google’s share price is almost $150 higher than Apple’s and nobody in the world is going to convince me that Google as a company is worth more than Apple. They’re getting next to nothing from Android device sales and they don’t have the top search engine in China, so what makes Google’s share price that much higher than Apple’s. How can only Apple be vulnerable to changes in the economy, the weather and consumer popularity? Eff it! Another up day for the market and another down day for Apple. Downright pathetic.

    1. I think the Wall Street Rats (WSR) are working it for all they can before (hopefully) the SEC puts a stop to buying without money.
      Of course, the WSR are pushing hard to avoid the common sense of actually having cash in the game to trade.

  4. AAPL has become Sony because Apple Inc. has become ordinary. You won’t see 700 again and you might not see 600. Quit rationalizing, explaining or trying to figure out Wall Street. The COMPANY under the lackluster Tim Cook is what it is.

  5. AAPL is totally event-driven at this point. Yesterday’s pop was in anticipation of Cook’s performance on Rock Center last night. Today’s nosedive is market reaction to the interview.

    As I was saying, Cook needed to take the opportunity to address investors’ three foremost concerns: earnings miss, erosion of margins, and chronic product shortage. He did none of those.

    The guy came across dull, conventional, and scripted robot-like. There was nothing new, but the usual blah blah. The real surprise was he forgot to repeat two well-known phrases: “double down on product secrecy” and “working hard to bring xx product to everyone who wants one,” which turned out to be jokes of the year.

    Can’t blame the market for dumping the stock today. Expect it to revisit the 505 low and possibly break 500 on this trip. That said, I will be buying if or when it happens.

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