Short

APPL continuing its decent

Since mid January, Apple has transitioned into a new primary wave corrective pattern which appears to be a 5-3-5 zigzag pattern. For those familiar with Elliot waves, a zigzag typically subdivides into a 5-wave pattern on the outer legs (Waves A & C) and a 3-wave pattern on the middle leg (Wave B). If we draw a Fibonacci extension off of Wave A to forecast Wave C, we see that the 1.618 mark (the Golden Ratio) alines nicely with the 0.382 mark of the overall retracement compared to the previous rally. Typically Wave C is either equal to Wave A or is longer by the golden ratio. With Wave C descending at it’s current rate, we can expect to see a price of approximately $90.34 by July. As Wave C emerges, keep a lookout for a 5-wave pattern as validation of the trend as well as a possible reversal when the wave appears fully developed.

r5sn3kxfh6

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.