Third level of change
What is the market sentiment at? It is at the third stage of changing.
Even the Head & Shoulders started formation in June, but investors are not aware of, thinking that it is just part of the adjustment in Wave III or and not sure it is Wave V. In August, because of the myth of APPL would fall every September because of production introduction, people started to aware of the formation of Head & Shoulders. In Sept, it was confirmed.
It broke the neckline, but as predicted by the writer no avalanche at all and the pullback even went up above the neckline to form another new right shoulder, which is a symptom of not willing to fall. This right shoulder extends into Oct and actually is part of a Double Bottom, which is of high-low leg. In late October, a strong V-shape rebound started in the second leg of W-shape.