AAPL Double Three Likely To End Near 110.27

By Orbex

AAPL seems to be forming a large cycle wave a, which takes the form of an impulse. This consists of sub-waves ①-②-③-④-⑤ of the primary degree.

A bearish correction is forming, taking the form of an intermediate double three (W)-(X)-(Y).

Perhaps the ascending intervening wave (X) in the form of a double zigzag has come to an end. Thus, in the following trading days, the market could fall in the intermediate wave (Y) to the level of 110.27.

At that level, correction ④ will be at 38.2% of primary impulse ③.

The market could then turn around and start moving up in the final wave ⑤ significantly above 145.06.

Alternatively, we see the completed wave ④ in the form of an intermediate simple zigzag.

We can assume that a primary fifth wave is currently under construction. This can take the form of an ending diagonal (1)-(2)-(3)-(4)-(5) of the intermediate degree.

In the coming trading weeks, a gradual increase in the intermediate waves (3)-(4)-(5), to 161.34 is likely.

At that level, wave ⑤ will be at the 50% Fibonacci extension of the third wave.

By Orbex