Analyzing Apple's Gap Dynamics and Retracement Levels

Here's a simple setup for the Apple stock. Following the quarterly earnings release, the stock opened with a significant up-gap. However, the price was unable to surpass the level of the previously open gap from February 12, 2024. Currently, a downtrend is establishing itself in the Apple stock, and interestingly, the newly opened gap caused by the quarterly earnings is nearly at the identical level as the 61.8% retracement of the upward movement since April 19, 2024.