According to the current AAPL stock chart, we can assume the formation of a corrective trend, which takes the form of a 3-wave zigzag of the cycle degree a-b-c.
The first impulse wave a looks fully completed. A complex correction b is currently under development, the structure of which hints at the primary double zigzag Ⓦ-Ⓧ-Ⓨ. The actionary leg Ⓦ and the zigzag intervening wave Ⓧ look complete. That is, the last sub-wave Ⓨ is being built now.
The primary wave Ⓨ most likely takes the form of an intermediate zigzag (A)-(B)-(C), where (A) is a leading diagonal, and the correction (B) is a zigzag, for which the final impulse sub–wave C is needed.
The price in the minor impulse wave C may rise to 166.77. At that level, intermediate correction (B) will be at 76.4% of leading diagonal (A).
Let's consider an alternative scenario in which the bearish primary wave Ⓨ is more complex in structure and takes the form of an intermediate double zigzag (W)-(X)-(Y). The intermediate waves (W) and (X) may already be fully completed.
Thus, the market is currently in the last sub-wave (Y), or rather in its last part - the impulse C.
It is assumed that the price in impulse C may fall to 121.89. At that level, wave Ⓨ will be equal to wave Ⓦ.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range above $2,300
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.