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Technology Stocks : Apple Inc.

AAPL 272.16

+0.1%

3:59 PM EST

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From: Moonray	5/7/2013 4:01:43 PM
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Elliott Waves Point To Apple Turnaround On The Charts A few days ago, when Apple AAPL -0.45% (AAPL) reached my technical target around $390, I posted an article suggesting that there was a risk for it to continue lower still should the upcoming earnings report disappoint. The next target was at $318. As we all know, following the announcement that Apple will issue debt (at attractive rates) and return a load of cash to investors, the stock has quickly recovered some ground. This article seeks to explain briefly how a trader uses Elliott Waves to change his tactics. We always start off with a hypothesis. In this case, my hypothesis was while Apple stayed under $420, the risk was for continued weakness. However, when we notice that a new five-wave pattern on the way up has surpassed the fourth wave on the way down, we recognize it as a powerful signal that the trend is changing. An immediate change of tactics was warranted, and one would be alert for a 50% correction of this first rally to not only get out of short positions, but also go long with a stop below the low seen. You can see this clearly in the first chart below. More at: forbes.com o~~~ O

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