APPLE - TAKE A BITE OR 2, FOR BULLISH MOVE by DanV on TradingView.com
21 December 2012
Apple Ic - has lost nearly 28% of it value and whilst we accept that its best days are over, based on Elliottewave the recent high appears to be major WAVE 3 (incidentally Elliottwave International might explain that the major change over from Steve Jobs the key individual behind the success story of Apple to present CEO could coincide with Major top wave 3), looking back from its early days in 1989. Presently I think it is retracing in major wave 4.
Seasonally January results normally accompanies further weakness in Apple share price. Hence I think that the present retracement could bottom out in January when it might offer last significant buying opportunity for the ride up in Major Wave 5 which could at least retest the all time high or make new higher high. The expected bottom would be $470-80 area, which would be 38.2% retracement of the move since low of 2009 and has several other Fib confluence.
Also in Gann Analysis a fall of 33.33% from all time high = $467 area could experience major bounce and it also could take place with rising trendline from 2009. This lines up with my theory that 2013 would be a mega year for most Risk Assets as Stock Market attempt to make new high or forms a Top that will last for Decades. The best way to play this would be out of the money long term call options in Late January 2013.