AAPL new low broke 133 Fib 0.618 & weekly cloud; next stop @120
AAPL failed to hold 133 the Fib 0.618 level. It also closed slightly below its recent low & the weekly cloud.
This turns the 133 from support to resistance if AAPL does not reclaim it quickly. The next support zone will be the 120 to 117 green box, very near wma 150. Coincidentally, 120 will also be a 200% retracement of the last rally from 150 to the high of 179.35.
The capitulation started last week from 152 may not be over yet, with AAPL forming a steeper down channel targeting 120 instead of the previous channel targeting only 133.
A big M-pattern may be forming making wave 4 a running flat.
Not trading advice
This turns the 133 from support to resistance if AAPL does not reclaim it quickly. The next support zone will be the 120 to 117 green box, very near wma 150. Coincidentally, 120 will also be a 200% retracement of the last rally from 150 to the high of 179.35.
The capitulation started last week from 152 may not be over yet, with AAPL forming a steeper down channel targeting 120 instead of the previous channel targeting only 133.
A big M-pattern may be forming making wave 4 a running flat.
Not trading advice