Yesterday, I shared my thoughts on where Apple’s stock (NASDAQ:AAPL) was headed next. I used daily, weekly, and monthly charts to provide context and outlooks over different time frames.
The outlook wasn’t particularly bullish for Apple (AAPL). In fact, it wouldn’t be surprising to see a correction begin soon. Read that post for further insight and my thoughts on risk management.
Today, I want to share a couple more charts that look at cycles and Fibonacci levels.
In the first AAPL chart, we look at the 27-week cycle. As you can see, it gave an exact hit within a few days for AAPL in mid-MAY. Note that this was a prior chart which was taken before that peak happened (and shared with my subscribers). As mentioned in my prior post, the next cycle low could very well be in early November of this year.
Apple Stock Chart – 27 Week Cycle
The next chart looks at Fibonacci and Gann counts. Using Lindsays high to high count… and low to high: the time of 2013-2015 rally pushed forward = 8/25/17 this year, near a very important eclipse
The low to low count from 2013 lows to 2016 lows of 1119 days, or 160 weeks. When taking ratios of this: 50% = May 29, 2018 and 38.2% = July 13, 2017. Note that the stock bottomed out on July 7 this year after a 2 month consolidation (within a week of cycle date).
As I mentioned in yesterday piece, my cycles research points to 9/15 as a potential turning point (i.e. this week).
Again, the chart below is out-dated but it shows what I was looking at in real-time back then.
AAPL Weekly Chart: Fibonacci & Gann Counts
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Twitter: @MarkNewtonCMT
Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
