AAPL

Weekly Chart of AAPL Courtesy of eSignal

After the announcement of a new iPhone and the Apple Watch the stock ran up to 103.08.  At the close today, AAPL was -.37 @ 97.99.  Is it the old story of buy the rumor and sell the news?

Looking at the weekly chart above, the suggested Elliott Wave count shows that we could be in the process of completing a 5th wave.  If the price of AAPL goes higher, then the 5th wave will be relabeled.  So it is not written in stone that this "is" the top of wave 5.  But it could be.  As always watch your indicators/oscillators carefully for any hints.

The black line in the chart is the relative strength (RS).  This line topped in 2012 at the top of wave 3.  As the price of AAPL went on to make a new high this year the RS line did not.  This is a negative divergence showing some weakness in the rally from the bottom of wave 4 in 2013.  This is one of the traits of a 5th wave, but, it can go on this way for a period of time also.

This has been posted for Educational Purposes Only.   Do your own work and consult with Professionals before making any investment decisions. 
Past performance is not indicative of future results