“Apple (AAPL) has had a rough time of it over the past six months or so, and many have lost the faith. These fair weather fans, that once extolled the virtues of the all things iMaker, are now calling for its demise,” Ernie Varitimos writes for TheStreet. “Well, after close exhaustive technical analysis, and corroboration with Master Elliottician, Ted Aguhob of Wave Genius, we have determined the markets are going to explode in the next year or two, and so will Apple.”
“What we are experiencing right now in the major indices is a massive third wave breakout in its very early stages. The interesting thing is that Apple normally leads the way in such market-wide events, but this time it’s a lagger,” Varitimos writes. “It appears now that the pullback that has shook the Apple faithful, is actually a massive two wave. And looks like it may have bottomed, or come very close to bottoming. Upon closer scrutiny, the pullback off the all-time high of 705 has formed a classic ABC corrective wave. Normally the A wave equals the C wave, but in this case the C wave has truncated, turning up just short of the ideal formation.”
Varitimos writes, “The timing of this move is not determinate, but advances usually move slower than declines, so we expect the call to be realized by the end of 2014.”
Read more in the full article here.
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