Apple IncLong
Apple: Target Zone in Sight
Updated
Apple is nearing our target zone, showing the weakness we wanted to see. Today, we've observed a 3% drop. We expect a few more percentage points to fall before reaching the target zone for Wave 2, which is between 50 and 78.6 percent. Looking at our 2-hour chart, we're now seeing the 5-wave structure we anticipated. This entire scenario would likely be incorrect if we exceed the invalidation line. However, we should continue to see this downward trend, ideally towards Wave (b), around $165.67. Then, we should form Wave (iv), followed by Wave (v), with our entry between $161.55 and $140.45. After this, we should continue with the overarching Wave (5), eventually completing it. If we get stopped out here we anticipate Apple to fall significantly lower as said in the past, but for now we hold this scenario.
Note
Apple continues to behave very well according to our long-held assessment that it is in a downtrend. We expect to see a short rise in the coming days towards Wave (iv), and then a Wave (v) to our limit order at the 50% Fibonacci retracement level at $161.55. We should then be filled and should not fall much further, as otherwise, we would face a problem with possible alternative scenarios for Apple, which we have already discussed and reviewed. Now, we are more inclined to believe that our assumption is correct, that we are currently experiencing Wave (iii), and then we need to complete Waves (iv) and (v).
Note
In the 2-hour chart for Apple, we are moving into a potential Wave (iv), which is expected to be between 23.6% and 38.2%. We must not exceed the invalidation line formed by the level of Wave (i). A minor wick is acceptable, but we should not significantly breach this level. Following this, we anticipate a continuation to Wave (v) downwards, indicating a short upward trend in the next few days followed by a downward trend in the coming weeks.
Note
Our prediction regarding Apple was accurate, as we are now dealing with Wave (iv). We observed the local top within the Wave (iv) zone we had identified, between 23.6% and 38.2%, without entering the invalidation zone, and have since seen a sharp sell-off. Given the current news, we are firmly convinced that Apple will continue to see a downtrend before our long limit order at $161.55 is filled. Until then, we believe in this downward trend, hoping it continues exactly as we anticipate.
Note
For us nothing has changed on Apple we are still looking to continue this bearish trend and we belive we are getting the trend reversal between the 50-78,6%
Apple respected the wave (iv) zone extremely well, therefore we are holding on to this scenario, it would get invalidated if it comes in above $180
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