TraderBwater

More to drop before reaching bottom

Corto
NASDAQ:AAPL   Apple Inc
Apple is still doing a 3-wave correction from Dec 2021. Last Thursday's 4+% gain showed 5 waves but I believe it is the C leg of an ABC correction from March, as shown in the daily chart. Such a strong move as day one from the bottom is typical for a "short squeeze" or a "bear market rally" because Apple has been down a lot already from the top. A true bottom reversal behavior is slow and accumulating before gaining momentum.

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