Hey guys. In continuation of my idea of the 48EMA for Apple hitting this year, more confirmation has come our way today.
As evidenced by the drop in March, Apple closed slightly above its 61.8% retracement which say around 70, and than once that was broken we saw a daily gap down to 38.2% at 64. A 9% drop.
Currently our 31.8% retracement from March low to September high is 105.6, which Apple came dangerously close to meeting at 106.01. We can certainly assume that the algorithms are trying to make a controlled fall and kept Apple from reaching that point to avoid a circuit breaker sell off. But I would certainly expect a drop below to the 31.8% retracement this next week which would put Apple around 85.46 points.
This would close Apple at its 12 month EMA around 87 points.
Best of luck traders.
As evidenced by the drop in March, Apple closed slightly above its 61.8% retracement which say around 70, and than once that was broken we saw a daily gap down to 38.2% at 64. A 9% drop.
Currently our 31.8% retracement from March low to September high is 105.6, which Apple came dangerously close to meeting at 106.01. We can certainly assume that the algorithms are trying to make a controlled fall and kept Apple from reaching that point to avoid a circuit breaker sell off. But I would certainly expect a drop below to the 31.8% retracement this next week which would put Apple around 85.46 points.
This would close Apple at its 12 month EMA around 87 points.
Best of luck traders.
