Chart of the week: My roadmap for Apple shares

TL;DR

John Burford analyzes Apple stock, predicting a bear trend based on Elliott Wave theory and semiconductor market trends.

Transcript

hello it's John Burford with chart of the week for June the 3rd and today I'm covering Apple and it's been in a very violent position for a few months actually since the old time high was put in here in October so let me start with the weekly chart which goes back to the beginning of Apple it was trading you know pretty quietly down here and I beli... Read More

Key Insights

• 🤘 Apple's stock is showing signs of entering a bear trend based on Elliott Wave analysis.
• 👋 The completion of wave 5 and subsequent decline suggests a potential reversal in Apple's stock price.
• 📈 Semiconductor market trends also indicate a bearish outlook for Apple's stock.
• 👋 Burford's roadmap for Apple's stock price includes a bounce in wave 2 before a sharp decline in wave 3.
• 🫰 The semiconductor market's downtrend is reflected in the SPS MH semiconductor index, adding to the bearish sentiment.
• ❓ Burford's analysis showcases the importance of technical analysis in predicting stock price movements accurately.
• 🧑‍💻 The correlation between different market sectors, such as semiconductors and tech stocks like Apple, can provide valuable insights for investors.

Questions & Answers

Q: How does John Burford analyze Apple's stock using Elliott Wave theory?

Burford identifies wave patterns in Apple's stock chart, highlighting a textbook example of a five-wave structure indicative of the end of a bull market.

Q: What factors contribute to Burford's prediction of a bear trend in Apple's stock?

Burford looks at the wave patterns, particularly the completion of wave 5, as well as the semiconductor market trends that are also indicating a bearish outlook.

Q: What is Burford's roadmap for Apple's stock price movement in the near future?

Burford predicts a bounce in wave 2 followed by a sharp decline in wave 3, potentially taking Apple's stock price back to around the $140 area or even lower depending on selling pressure.

Q: How does the performance of the semiconductor market impact Apple's stock price?

Burford points out the correlation between the semiconductor market trends and Apple's stock performance, indicating a bearish outlook for both.

Summary & Key Takeaways

• Burford analyzes Apple's stock using Elliott Wave theory, suggesting a bear trend.

• He identifies key points in Apple's stock chart, predicting a decline to around $140.

• Burford correlates Apple's performance with the semiconductor market, showing a bearish outlook for both.