Posted on April 30th, 2008 at 9:19 AM
Looking back to the AAPL post of April 17th, we were looking ahead to the earnings release on the 23rd. Now that the earnings have passed (at the culmination of both the upward and downward 1X1 angles), we can see how the market reacted to this crossing of price and time. AAPL, being above the 1X1 angles at the time of the news, reacted VERY positively, and has catapulted itself off this intersection into a full-blown Wave 3. Hopefully, those of you that follow this market were prepared for this from the post on the 17th.
With that milestone behind us, we now look ahead to possible resistance. We see the downward 1X2 coming up, as well as 75% of the Gann Box. This is around the $180 to $181 range. We could see resistance come in at these prices. If we can successfully breach this level, Wave 3 will continue with strength.
Be Prepared!
~Nate McCartney
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