Apple (AAPL) has had about a 50% recovery of its recent down trend. It was setting up as a Type One Sell at the end of a Wave 4, and was looking forward to continued woes into a Wave 5 down. However, it recently broke the Red Wave 4 Channel, as well as violated the 140% retracement of the Oscillator. Both of these suggest that we are not looking at a TRUE Wave 4. (See pic below). If it is not a trued Wave 4, what is it?
I'm not sure what it is going to be yet, but there are some interesting things lining up. My first observation is that we woulda/shoulda/coulda all went long on this one a few days ago on an XTL Continuation trade. That being said, current GANN outlook (using the high from 12/27/07 to the low of 2/26/08) shows that we are approaching the intersection of 50% in both TIME and PRICE. We have already tested 50% in price with our most recent high. As we look ahead to when we will run into 50% in time, it will be 4 trading days from today, bringing us to next Wednesday, April 23rd. What I find MOST interesting about all of this, is that AAPL is set to release earnings soon. Guess when they are set to be released? APRIL 23rd, after market close!! If that is not an alignment of price, and perhaps more importantly, TIME, I'm not sure what is. It will be very interesting to see what happens with AAPL when price and time converge next week.
Be prepared!
nate mccartney
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