By Orbex
The current AAPL structure is constructing a primary fifth wave. This takes the form of an ending diagonal (1)-(2)-(3)-(4)-(5) of the intermediate degree.
The intermediate wave (3) in the form of a double zigzag W-X-Y came to an end. Then a downward price move in the intermediate wave (4) occurred. It is possible that wave (4) will complete its pattern near 132.17, which is on the support line drawn through points B and (2).
Wave (5) can reach the level of 161.09, where primary wave ⑤ will be at 50% of primary impulse ③.
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Alternatively, the formation of the intermediate wave (3) is not yet fully complete. It is possible that only the intervening wave X has formed, so we can expect the development of a minor actionary wave (3) in the near future.
The end of wave (3) is possibly near the level of 166.89, through verticles C and W. Prices could then decline in the intermediate correction wave (4), towards the support level of 135.11.
Article by Orbex
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