Apple is in a higher degree uptrend, which we still think may not be over yet. The recent move down from the December highs looks corrective, but based on the latest price action, it’s not fully clear that the correction has finished.
Notice that price did not break below the 243 level and is instead trading sideways, currently retesting the trendline resistance around 275. So rather than a deeper A-B-C pullback, this could be forming a triangle in wave B, which is still a bullish structure that could later lead to more upside within a higher degree ending diagonal.
However, before bulls fully return, we should be aware of another short-term drop, potentially toward the 250 area, with 240 as a key support zone. That area could offer a good opportunity for the next rebound.
On the downside, if price breaks below 200, then the bullish view would be at risk, and we could see a much deeper decline.
Highlights
. Bullish structure still valid within higher degree trend
. Triangle in wave B possible
. Key support zone at 250–240
. Resistance near 275 trendline
. Invalidation below 200
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