Elliott Wave Analysis: APPLE Approaching Resistance
Hello traders and investors!
Today we will talk about Apple, its price action from technical point of view and wave structure from Elliott Wave perspective.
Well, if you are familiar with Elliott Wave, then you know how useful can be when analysing the markets.
We have noticed very interesting pattern on Apple, where we can see a five-wave drop from the highs in February. A five-wave reversal usually indicates for something bigger and that's why we labeled it as a higher degree wave A of bigger and deeper A-B-C correction.
If recent five-wave drop is wave A, then current recovery should be as part of a three-wave correction in wave B. And we can clearly see a three-wave a-b-c movement, which is not approaching key 61,8% - 78,6% Fibonnaci retracement, where ideal resistance would be here in the 130-140 projected resistance zone.
If we are on the right path, then a reversal down can be around the corner and if this happens, then we can easily expect a sell-off within wave C towards projected 110 - 100 support zone.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about Apple, its price action from technical point of view and wave structure from Elliott Wave perspective.
Well, if you are familiar with Elliott Wave, then you know how useful can be when analysing the markets.
We have noticed very interesting pattern on Apple, where we can see a five-wave drop from the highs in February. A five-wave reversal usually indicates for something bigger and that's why we labeled it as a higher degree wave A of bigger and deeper A-B-C correction.
If recent five-wave drop is wave A, then current recovery should be as part of a three-wave correction in wave B. And we can clearly see a three-wave a-b-c movement, which is not approaching key 61,8% - 78,6% Fibonnaci retracement, where ideal resistance would be here in the 130-140 projected resistance zone.
If we are on the right path, then a reversal down can be around the corner and if this happens, then we can easily expect a sell-off within wave C towards projected 110 - 100 support zone.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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