RogueEconomics

Is AAPL About To Risk-off?

Corto
NASDAQ:AAPL   Apple Inc
So basically, I have been eying Apple for a while... and I noticed today that the pattern sinjce the market top in late 2021 appears to resemble an EXPANDING DIAGONAL which is a somewhat uncommon elliot wave chart pattern.

The rally from the lows in early 2023 also is clearly a zig-zag up into the resistance zone at the all-time-high.

There also appears to be pretty strong RSI divergence down from the 2019 and 2020 highs.

So, if I am right, we have a 30% correction in AAPL (and possibly stocks writ-large) about to arrive.

I am currently positioned to be market-neutral (with both longs and shorts in my portfolio), because I actually think directionality is unclear.

However, this does tie-in with what's happening on NFLX and certain other stocks.

So I think this could be the risk-off moment that people have been waiting for.

I am going to attempt to scale into a short here, and place my stop loss slightly above the all time highs.

I expect a 30% correction in the market. So this isn't a huge collapse (yet...) so don't get over-ambitious and manage your risk.
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