Though I continue to be amazed by the one-sided sentiment here, I won’t hold that to my very grave. Looking at $AAPL, I’m not entirely sure what to make of the structure. We’ve poked out of the big channel (first discussed here) twice now, and yet we have failed to produce a real zinger to the upside.
This channel is my line in the sand. If it breaks down, I will have no choice but to adopt a very bearish tone myself, and join the chorus.
If we fail to produce a powerful rally that gets us the hell away from the channel, it’s possible—I hate to admit it—that we’re in some sort of triangle now, a “B-Wave” and if that is so, we may have a huge drop coming. A powerful rally taking out the prior two highs and we can disregard this thought.
So, I think sentiment is extremely too bearish here, but because of this structure’s potential, I am forced to be hedged.
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