Now the challenge is deciphering what sort of bounce this is. The bulls made a small statement today by closing back over the 200 day SMA but you know what they say about a single day.
So far the first part of the bounce looks impulsive so I will give the bears at least a zigzag or a two-legged bounce.
Note my AAPL weekly chart below. A few days ago, I speculated that it could potentially be forming a sloping neckline. So far, a bounce right on that line that was arbitrarily drawn.
As AAPL has been leading the past several weeks, we should keep an eye on this potentially more bearish H/S.
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| AAPL- Weekly |
