By Orbex
The current formation of AAPL shares suggests the development of the primary fifth wave. This takes the form of an ending diagonal of the intermediate degree (1)-(2)-(3)-(4)-(5). The wave ⑤ is the final part in the cycle impulse a.
It is likely that the market is currently in an intermediate wave (4). Most likely, this wave will take the form of a minor triple zigzag. In fact, more than half of this structure has already been built.
There is a possibility that the price within the correction (4) will fall to the support level of 137.16, located on the lower red line.
After reaching the specified price mark, the market can push off and start moving in the opposite direction in the intermediate wave (5) towards the 195.99 area. At that level, intermediate waves (3) and (5) will be equal.
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Let’s consider an alternative scenario in which the ending diagonal has fully completed its pattern, and with it the entire cycle wave a has ended.
In the upcoming trading weeks, a sharp decline in the cycle correction b is likely. This could take the form of a double zigzag Ⓦ-Ⓧ-Ⓨ and drop to the previous low of 115.79.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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