Chart of the day

Where do we stand fundamentally?

Apple (AAPL) is preparing for its upcoming Q4 2024 earnings call, scheduled for October 31, where investors expect details about the early sales performance of the iPhone 16. While Apple doesn't disclose unit sales, this report will provide insights into how well the new models are performing, with analysts expecting steady growth of around 4.87% year-on-year

In addition, Apple is anticipated to launch several new products by the end of October, including the M4 MacBook Pro, M4 Mac mini, an updated M4 iMac, and the iPad mini 7. These product releases will likely be available starting November 1.

AAPL is breaking above the continuation triangle 230 resistance. We need a confirmation here for an extension higher in the fifth uptrend Elliott Wave higher to 270. Invalidation of this immediate upside extension could come upon a break below 220.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle continuation is 175 meaning we are in the strong bull uptrend. As said the bounce could lead to a 270 target in the medium-term to long-term if the AAPL sustains a break above 230.

_{Try a long trade entry with a stop loss below 220 to target 260 and higher.}