APPLE is turning again upwards.....

 

 Today's focus is AAPL. It has reached our previously posted target (http://profitablerisktaking.blogspot.com/2012/05/aapl-targets-530.html) and the criteria of wave A equal to wave C has been met.  Although the support lines from the pitchfork and the gann fan have not been touched, there is impulsive movement upwards breaking downward sloping trend channels.

In the hourly chart AAPL is moving impulsively upwards and is one new high above 574$ to complete 5 waves up from 522$. This is a bullish sign specially if the new high is realised. The pullback should be baught with a stop at the lows (522$). Our initial target would be to break and close above 618$ which is our wave B top. This would erase many bearish scenarios and strengthen the bullish ones.

After the 5th wave is finished we will be on the lookout as to were the correction will end. Until then we have at least a week ahead of us.