Chart of the day

Where do we stand fundamentally?

Apple reported its fiscal Q3 2024 earnings with a revenue of $85.78 billion, marking a 4.9% year-over-year growth. The company's net profit for the quarter was $21.45 billion, translating to earnings per share (EPS) of $1.40, exceeding analysts' expectations of $1.34 per share. While Apple set new records in certain markets, revenue from Greater China declined by 6.5%. The company continues to focus on innovation, particularly in AI, and announced plans to return over $32 billion to shareholders during the quarter​

AAPL is testing the 210 support for the extension in the fifth wave. We need to see a clear break above 230 for the upside continuation in the fifth upside wave to gain traction. The target is 260.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 209. As said this extension higher could lead to a 260 target in the medium-term to long-term if we get a confirmation of this break above 230. Reversal however is possible and a new swing-down retrace to 197 if we see a break below 210.

_{Try a long trade entry with a narrow stop loss below 210 to target 270 and higher upon a break above 230.}