AAPL On Track for Surge Into Early-Feb & Up To (at least) 172; Overall Indexes Portend Rally into Feb. 1 – 8.
AAPL On Track for Surge Into Early-Feb & Up To (at least) 172; Overall Indexes Portend Rally into Feb. 1 – 8.
01/28/19 INSIIDE Track Stock Index Update – “Stock Indices have consolidated for a week but remain capable of extending their rallies into Jan. 30 – Feb. 4 and up to the extreme upside targets for these advances. They began the week (again) by pulling back to daily HLS levels and weekly support… and then bouncing.
If they immediately enter a new rally, the primary indices could still make it to extreme upside price targets at 25,324 – 25,462/DJIA, 2755 – 2765/ESH & 7104 – 7173/NQH.
Newer resistance – at 24,970 – 25,045/DJIA, 2744 – 2749.5/ESH & 7099 – 7118/NQH – could influence those targets. (Daily price indicators are also likely to play a filtering role in the coming days.)
As for the 1 – 2 month outlook, one of the key factors is now in focus – the weekly trends, which have just entered a pivotal and decisive 1 – 2 week period…
The weekly downtrends were again neutralized on Jan. 25 – confirming that the late-Dec. low was of a higher magnitude than any other bottom of the past 3 – 4 months and setting the stage for a decisive week on Jan. 28 – Feb. 1. This validates what cycles and wave analysis were projecting – an overall advance into late-Jan./early-Feb.
It would take weekly closes above 24,860/DJIA, 2677/ESH & 6828/NQH to reverse those trends to up and escalate these advances to the next higher magnitude. Whether or not these occur, this weekly trend pattern still portends a multi-week peak during this week or next. And that corroborates cycles that have been discussed in recent weeks…
Based on daily/weekly cycles, that next high could stretch into Jan. 30 – Feb. 4 and perpetuate a ~60-degree high (early-Aug. ‘18) – high (late-Sept./early-Oct) – high (early-Dec.) – (high; Jan. 30 – Feb. 4) Cycle Progression.
Corroborating that, another key proxy stock (AAPL) was projected to see a new 3 – 5 day surge begin on Jan. 24/25 (see 1/23/19 Weekly Re-Lay Alert).
As stated on Jan. 23, AAPL was in a position, for the first time since Oct. ’18, to turn its daily 21 MAC up and spur a sharp rally…”
AAPL remains bullish after reaching major support at 142 – 145. It remains on track for a surge to 172 (or higher) into early-Feb. Overall equity indexes still projected to extend advances (from Dec. 26) into early-Feb. and up to ~25,300/DJIA and ~7100/NQH. Weekly trends corroborate this and project a likely rally that could stretch into Feb. 4 – 8.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.