03 Aug

AAPL: Has Primary Correction Wave ④ Ended?

August 3, 2021

By Orbex

The APPLE structure is forming a large wave a of a cycle degree, which takes the form of an impulse, consisting of sub-waves ①-②-③-④-⑤ of the primary degree.

A current bearish correction takes the form of an intermediate double three (W)-(X)-(Y). The ascending intervening wave (X) in the form of a double zigzag has come to an end. Thus, in the next coming trading days, the market could decline in the intermediate wave (Y) to the level of 113.08.

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

After that, the market can turn around and start moving up in the final wave ⑤ significantly above the level of 150.29.

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

It is assumed that the primary fifth wave is currently under construction. This could take the form of ending diagonal (1)-(2)-(3)-(4)-(5) of the intermediate degree and move to the level of 161.34.

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

By Orbex


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