By Orbex
The current AAPL structure suggests the development of the primary fifth wave, taking the form of an ending diagonal (1)-(2)-(3)-(4)-(5) of the intermediate degree. 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 W-X-Y-X-Z. We see that more than half of this structure is already complete.
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 the end of the correction (4), the market may push off and start moving in the opposite direction in the intermediate wave (5) towards the 195.99 area. At that level, waves (3) and (5) will be equal.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
In an alternative scenario, the ending diagonal fully completed its pattern. And with it the entire cycle wave a ended.
Thus, according to this scenario, in the upcoming trading weeks, market participants will see a drop in the value of shares in a cycle correction b. This may take the form of a double zigzag Ⓦ-Ⓧ-Ⓨ, as shown on the chart in red trend lines.
There is a high probability that the bears will be able to bring the market to the previous low – 115.79. At that level, the primary fourth correction ended earlier.
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
- Bitcoin price is approaching 100,000. Natural gas prices rise due to declining inventories and cold weather Nov 22, 2024
- USD/JPY Awaits Potential Stimulus Impact Nov 22, 2024
- RBNZ may cut the rate by 0.75% next week. NVDA report did not meet investors’ expectations Nov 21, 2024
- NZD/USD Under Pressure Amidst USD Strength Nov 21, 2024
- USDJPY bulls venture into intervention zone Nov 20, 2024
- The PBoC kept interest rates. The escalating war between Ukraine and Russia is negatively affecting investor sentiment Nov 20, 2024
- AUD/USD Consolidates After Recent Gains Nov 20, 2024
- The RBA will maintain a restrictive monetary policy until the end of the year. Nov 19, 2024
- Safe-haven assets rally on nuclear concerns Nov 19, 2024
- Gold Rebounds Amid USD Weakness and Geopolitical Uncertainties Nov 19, 2024
