Chart of the day

Where do we stand fundamentally?

: In the last reported quarter, Apple had earnings per share (EPS) of USD 0.97, which fell short of the estimated USD 1.60. However, the next quarter's EPS is expected to be USD 2.36. Revenue for the last quarter was USD 94.93 billion, slightly above the estimated USD 94.51 billion, with expectations for the upcoming quarter at USD 125.09 billion.

Apple's market share in China has been plummeting, despite significant investments and efforts to align with local market dynamics, indicating challenges in one of its key markets.

AAPL is reaching the top of channel 254 and a price action here will decide if is this a fifth short-term wave top or if we will have a possible extension. A pullback from here to 200 is highly likely short-term as I see an end of the major upside Elliott Wave cycle. My KNOWPO trading system indicates a good low-risk short trade here, so I expect a reversal downside.

This is also a resistance of the upside channel. A break above 254 again will invalidate the downside reversal and lead to an extension higher. A break below 237 will accelerate the downside reversal.

_{You can take a short trade entry with a stop loss above 265 to target 225.}