Because the course of Apple (AAPL) is so critical to almost every major US stock market indices, I took a closer look on AAPL shares for today to gauge when and where this Apple rally might come to a final end. And because of that, the current general stock market uptrend could also finish in line with the Apple market.
By Friday close the best stock ever managed to close above the 160$ for the very first time. On Friday the Apple shares fired also a next alltime-high at 161.02$.
A glance at this chart technical weekly chart is enough. Apple is in full attack mode again:
And how obvious it seems that the 2 times confirmed resistance of the 14-month Rising Channel resp. perhaps forming 14-month Rising Wedge should brake finally to the upside at this third test within weeks, maybe even days if we look at the bullish momentum, which still promises some bull energy has to inflow the market.
Often, not always, such long time formed Channels/Wedges act as halfway patterns. So it may well be that Apple shares could well hit the 240$-250$ area in the later part of the coming year 2022!
The year-end uptarget for AAPL is at 173$! If things go badly, only the 170$ is reached at 2021 high.
This uptarget, what is a main uptarget, was already activated at the July 2021 close. To elaborate the 2021 main uptarget, let's have a look on the monthly chart and this at # 1 // January 2019 Low anchorable monthly 13-Fib number Candle GUNNER24 Up Setup:
Starting point of the Parabolic Advance on the monthly chart are the financial crisis lows of 2008. The parabolica also supported at higher 2010 lows - where the above chart begins -, higher 2013 & 2016 & 2018 & 2019 & 2020 year lows. And it might be the strong case that also the gone October 2021 AND current November 2021 lows also have touched the Parabolica successfully from above and this is the reason for the current mighty rally.
Setup delivers that the most recent monthly consolidation period, the „2021 consolidation", lasted from December 2020 to June 2021 and obviously was oriented to the 2nd double arc uptarget/congestion magnet.
July 2021 close finally left stubborn 2nd double arc consolidation magnet to the upside. This monthly buy signal officially activated the next higher bull market uptarget of the lower line of 3rd double arc which runs at the 173$ for the coming December 2021.
As uber-bullish as the current November 2021 candle likely will end and the Parabolica that has been supporting for DECADES is locatable, we should be firmly convinced that the lower line of 3rd main uptarget will be approached with a high degree of certainty. Probably at the next important time magnet. The turn of the year time magnet.
Hmm, I have also found this following upward measurement, starting at the # 1 / important higher Jan19 year low.
With the help of this view, we perhaps capture the development of the last month's candles a little bit sharper. And by this also define the due main upward target of the lower line of 3rd a little bit sharper..., MAYBE!
5 orange arrows pointing to exact tests at former monthly extremes. The upper 4 extremes are made at upper line of 2nd and there is 1 to the T successful backtest of the upper line of 1st from above.
This proves that the upper line of 1st is directly related to the upper line of 2nd. By this we know the price in the past respected the arc targets of above setup measurement and IF price wants to respect the lower line of 3rd also to the T at a future monthly extreme this should happen at the 170.00$!, as long as price will be able to work off the lower line of 3rd uptarget into the end of 2021.
==> Think, Apple will reach at least this above lower line of 3rd at 170.00$ until December 31. But usually the 173$ will be due around end of the year time magnet. Until then, the global equity markets should also remain fairly well supported and, in unison with Apple, are likely to reach their individual final highs of the year 2021 towards the end of the year time magnet.
After that, we should consider that there may be an abrupt end of the bull market, followed by a longer and/or deeper correction or a fairly long sideways phase in the then ongoing bull market. Because these are the 2 main logical scenarios/alternatives if Apple is no longer chased upwards by its Parabolic DECADE Support or the monthly 3rd GUNNER24 Double Arc`s analyzed above again radiate main resistance energy for many months!
Be prepared!
Eduard Altmann