The current AAPL structure shows an ending diagonal of the intermediate degree. In addition, this wave will complete the cycle wave a.
At the moment we are likely in an intermediate wave (3), taking the form of a double combination W-X-Y.
The bulls in the minor wave Y can send the market to the level of 173.33, which is on the resistance line. And then the price could fall within correction (4) to the support level of 138.14.
An approximate scheme of a possible future move is shown on the chart.
An alternative scenario shows the price moving higher in the final wave (5). This is likely to reach the level of 160.94, where wave ⑤ will be at 50% of primary wave ③.
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After the completion of the ending diagonal, and with it the cycle impulse wave a, we can expect the AAPL stock to decline. That will be as part of the cycle correction b, below the level of 115.79, marked by the primary wave ④.
Article by Orbex
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