According to Ross’ chart work, over the past two years Apple has moved higher after two short-lived corrections.
The current selloff has been spurred by a recent bout of global unrest, particularly China. According to FactSet, that country makes up 16.2 percent of Apple’s total revenue, making some investors nervous about the tech giant’s ability to ride out a storm there. In addition, China’s equity market has been extremely volatile, which has put its retail investors in a bind as the market sinks into correction territory.
The Shanghai composite plunged nearly 24 percent over the past month, despite increased liquidity measures by Chinese regulators to calm the market. Some of that has bled over into Apple’s shares.
Despite the jitters, however, Ross now recommends that this is a great time to buy.