Stoic-Trader

$AAPL - Corrective or impulsive?

NASDAQ:AAPL   Apple בע"מ
As expected, we had a breakdown from the early January highs and went back to test support at 157.

This support was very solid, and bulls quickly came back. The question now is: is this part of a larger correction or are we in a new impulsive wave for new highs?

Both scenarios are in the chart, and we need further price action to have a clearer view.

In the short term, it must be noted that we had a bearish engulfing candle yesterday, so I expect 167-168 support to be tested.

Below 164 is a trigger for the bearish count, which could take down to the 140s.

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