Apple: $1,600 by the end of 2014?
The markets are going to explode in the next year or so, and so will the tech giant's stock.
Apple (AAPL) has had a rough time over the past six months or so, and many have lost the faith. Those fair weather fans, who once extolled the virtues of all things iMaker, are now calling for its demise.
Well, after close exhaustive technical analysis, and corroboration with Master Elliottician Ted Aguhob of Wave Genius, we have determined the markets are going to explode in the next year or two, and so will Apple.
What we are experiencing right now in the major indices is a massive third wave breakout in its very early stages. The interesting thing is that Apple normally leads the way in such market-wide events, but this time it's a lagger.
It appears now that the pullback that shook the Apple faithful may have bottomed, or come very close to bottoming. Upon closer scrutiny, the pullback off the all-time high of $705 has formed a classic ABC corrective wave. Normally the A wave equals the C wave, but in this case the C wave has truncated, turning up just short of the ideal formation.
Of course, Apple may still reach for this low, which extends to $390, before forming the third wave. But it's not unusual for C waves to become truncated -- ending prematurely -- before starting another impulsive upward move.
There are several trigger points over the next few weeks and months that will confirm a third wave has started. It's like climbing a ladder that gets easier as you reach each trigger. The first is minor resistance at $480, which is also a 23.6% retracement. The second is retaking the neckline of a massive head and shoulder, which fueled the breakdown, that's at $530, which represents a 38.2% retracement, then $590, which represents a 61.8% retracement.
The interesting thing about each of these levels, beside being significant areas of consolidation and the exact tops of minor waves, is that they also represent perfect Fibonacci ratios. After each of these levels is taken out, the odds of a third wave confirming grows.
There's no doubt that this call is very early, and anything can happen between now and then. But when taken in conjunction with our major index calls, it all falls into place. The timing of this move is not determinate, but advances usually move slower than declines, so we expect the call to be realized by the end of 2014.
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This is starting to sound like De Ja Vu all over again from the 90's - Remember the DOW 26,000 predictions before the DOT COM busts? All the over night millionaires and the little Dog Sock Puppet selling for Millions?
I predict the A Wave will take over the B Wave which will collapse into the C Wave when in reality it was a D Wave all along ! - The truth is Apple may go up a little - but $1600 in a year and a half ? Give me a break ! Unless they come out with a I-phone that you can have sex with this is nonsense !
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