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Technology Stocks : Apple Computer (AAPL): Analysis and Forecasting -- Ignore unavailable to you. Want to Upgrade?

To: dmd who wrote (433)	9/1/1998 1:50:00 AM
From: High Grader	Read Replies (2) \| Respond to of 692

Where have all the analysts and forecasters gone??? Ok I will stick my neck out. We sure got a correction, went through my 35 support level like the proverbial through a goose, but we caught the top anyway 43.43 Fibonacci projection level was not bad at 43.75. I have reworked my charts to reflect the new data and have 30.45 as a possible support level. We are definitely in a wave four and as always wave four is a tough one when it comes to figuring out where we are in it. Most people lose the most money in wave four corrections. A hard cruel fact. A lot of traders avoid trading in wave four. Technically: The Bollinger Bands have been good with Apple in the past. It tends to penetrate the lower band then turn back up as a correction ends, so maybe we are near an inside bend as the bands were penetrated today or are close to it, depending how you plot them. Other things have to be considered too. There was a lot of movement today, but on less volume. This is known as a fade, meaning people are losing interest in selling. In fact it closed up a little from the day's low. So some buying was happening. What we need is lots of buying with little movement in the price, indicating that the bulls are loading up on all of the cheap stock now available. Indicators such as Storsi and %R are showing oversold signs but I would want to see bullish divergences there before getting too excited about them. 80% of the indicators on Time to Trade are in pre buy mode. This software is quite good at calling bottoms and it is saying wait. I think that Apple has more down in it yet. The 30.45 target is worth watching. I expect a rally of sorts then a test of the 30.45 level. If it drops significantly through 30.45 the next support is at 27.22. A couple more days of data will begin to give a more clear picture and may result in changes to where the support levels are calculated. I have been unable to post a chart because my web provider had a crash on their server and their tech was off on holiday. He is back now and hopefully I will have a chart up tomorrow sometime after the close. There is a bottom out there somewhere but I don't think we are there yet. Good luck to all.