Apple Inc. (AAPL) could be an important confirming indicator of the US stock market.
The daily AAPL chart courtesy of Trading View reveals some interesting details.
- AAPL’s all-time high came on the same day 01/04/22 as the S&P 500 (SPX) all- time high.
- The subsequent decline was very choppy – the signature of a correction of the main trend.
- AAPL’s January to March decline ended on 03/14/22 the same day the presumed SPX -Elliott wave – Horizontal Triangle ended.
- The move up since 03/14/22 has the look of an Elliott impulse pattern similar to the SPX impulsive looking move up from 03/14/22.
If AAPL can soon make a new all-time high it could be the third wave up of a larger developing five -wave pattern. If there are five waves up from the 03/14/22 bottom it could also be indicating an important peak for the SPX.
If AAPL fails to make a new high and subsequently breaks below its 03/14/22 bottom it could imply a multi-month move down for AAPL and SPX.
Watch AAPL – it could soon be giving important signals for the US stock market.