“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.
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Watching Apple stock for signs of a bottom; huge buying opportunity looms – November 13, 2012