Monday, August 8, 2016 7:41 PM EST
Apple (AAPL) has been struggling since last summer after it reached all-time highs at $130. Since then, the stock has made a series of lower highs, which, obviously, are defined as a bear market.
Not any longer though, as Apple has broken that chart pattern of lower highs.
Apple’s chart is a textbook example of how assets and stocks move:
- A series of lower highs form a descending trendline
- A previous top forms support
- All together, they form a triangle pattern on the chart
Apple is now ready to go much higher amid the continuation of the great stock bull market. We expect Apple to reach $180 (double its support) somewhere in 2017, unless a black swan pops up in the stock market.
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Apple's stock decline was never that bad to start with. That said, future valuation will be based on earning growth or decline. Clearly, the market is still betting on growth decline and potential earnings decline in the next 5 years. I think we will know if they are right or wrong in the next 12 months.