AAPL Double Bottom Cultivating Higher Lows = More Upside

The concept of orchestraic mores code in the stock market is nothing new. In the stock market Stock will often retest lows, retest highs to pulse for an impression to see who's on board...if the move is real or ready to break out/down. This is just one of the cryptic reasons we keep seeing stocks respect a channel or trend line, or bounce off a support low, or experience resistance at the top ranges. That's why pattern-cultivation is so important to distinguish when you're assessing trend forecast.

To review more on Pattern-Cultivation notice our post on Sept 12 when $AAPL was at $106 & change...how we called the ensuing rally that took AAPL to the $118 & $122 ah high → http://www.bottrigger.com/single-post/2016/09/12/Apple-AAPL-Bullish-Engulfs-Itself---Higher-Prices-Coming

Very similarly to what we saw back then we have the earmarkings of a similar sentiment being cultivated in the current setup. Zooming in on the hourly chart we can see how in the face of volatility AAPL held it's reactionary low post-election of $108.05.

And so it appears we have a double-bottom in play. If Apple can close into the green this Thursday, that would be huge. Because now we're talking a full-fledged retest of the exact lows at $108.05 that holds and leads to a huge $3.00 recovery. Think about that. That's a big deal. The double-bottom breakout point is at $112 a share. The measured move on breakout is $4.00 up to $116 a share. See below:

We have 45-minutes left in trading and anything can happen between now and then. But a green close out of Apple today would be a huge statement. Because we're now talking about a rested IN ADDITION to a huge bullish hammer off of those lows. Think about it in reverse. Suppose Apple reached a high of $120 a share. Then it pulled back over a few days to $117. Then it retested that $120 level on a nice $3.00 up day only to reverse that ENTIRE move and then close in the red. That's a bearish move when you see the air come out at the top range of a rally. Well that's how bullish this development is. Apple tested $108. It rebounded to $111+. It then tested $108 again only to completely reverse the losses and push back into the green. This does set Apple up to rally. What's more, we hit a 30-RSI which historically has meant a 10% rally over a 2-4 week period of time. It is very possible that Apple is preparing to retest the $120 level.

Also, we've noticed there is this tendency for the market to always test after hour lows and highs. Apple rebounded to an after-hours of $122 a share before reversing course. There's a history of stocks revisiting those levels. The fact that the first reaction was to take Apple up to $122 says something.

Some of the greatest pearls shared by Jesse Livermore:

“Money is made by sitting, not trading.”

“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money everyday, as though they were working for regular wages.”

“Buy right, sit tight.”

“Nobody can catch all the fluctuations.”

“There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Not many can always have adequate reasons for buying and selling stocks daily – or sufficient knowledge to make his play an intelligent play.”

“It takes time to make money.”

“Don’t give me timing, give me time.”

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