This chart is a chart analyst's dream

TL;DR

Apple's chart indicates a potential bearish trend with an ending diagonal pattern, while the FTSE chart suggests a further decline based on wave patterns.

Transcript

hello it's john burford with chart of the week for monday the uh the 20th of september and i'm covering apple now because i i feel it's at a very interesting juncture and let's go over the chart this is the weekly chart um i had a chart of the week on it in july on the 7th of july that was the price then and my forecast back in july was for at leas... Read More

Key Insights

• 🫥 Apple's chart is showing signs of a potential reversal, with a solid support line and an upper trend line serving as resistance.
• ⌛ The all-time high at $157 is likely to hold for a long time, indicating a potential decline from here.
• 📈 The chart pattern in Apple suggests a five-wave ending diagonal, which can be seen as a bearish sign.
• 🧔 The FTSE chart indicates a corrective pattern and a potential bear market, with a decline expected from the 7200 area.
• 🥹 Major support levels in the FTSE chart have been tested and held, but a further decline is favored.
• 🫷 A push above the 7200 area in the FTSE would invalidate the bearish outlook.

Questions & Answers

Q: What is the current support and resistance level in Apple's chart?

The solid line near the support and the upper trend line are currently acting as support and resistance levels, respectively.

Q: What is the likelihood of Apple breaking above the all-time high of $157?

As of now, the forecast suggests that the all-time high will hold for a long time, but a break above that level would require reassessment.

Q: What pattern is forming in Apple's chart, and what does it indicate?

The chart is forming a five-wave ending diagonal pattern, which typically occurs at the end of a strong bull market. The momentum divergence between the A-wave and E-wave suggests a potential decline.

Q: What are the key levels to watch in the FTSE chart?

The first test for a potential bear market in the FTSE will come at the 7200 area. If it breaks, a substantial decline is expected. Another test would come around the 6800 area.

Summary & Key Takeaways

• Apple's chart shows a solid support line and an upper trend line that is serving as resistance, suggesting a potential reversal. The all-time high of $157 is expected to hold for now.

• The chart pattern in Apple is indicating a potential five-wave ending diagonal, which typically occurs at the end of a strong bull market. If it moves lower, a key test will be around the $130-$135 region.

• The FTSE chart indicates a corrective pattern, with the C-wave potentially marking the top just above the 7200 area. The market fell in a one, two, three pattern, indicating a potential bear market.