AAPL Weekly Harmonic Elliott Wave and Hurst's Cyclic Analysis
Overview: in my last update of AAPL (July 9th), I had AAPL in wave 4 of (A) of 3.
Update: I was early on the identification of wave 3 peak. What I see at the moment is that AAPL is moving downside in wave 4 and forming a 40W cycle trough around 12th of August.
We have not seen any major FLD break to the downside yet to come up with targets, but if we assume that the 20W cycle FLD is going to act as a support for the upcoming trough, we have ~184 as a potential target for wave 4 bottom. This price and time target is also supported with the parallel upward channel.
We have also seen a head & shoulders pattern on the hourly chart (the neckline is shown as a red dotted line) and its price target is 186.80.
If we consider the fib retracement of wave 3, it shows 185.32 as the target.
Considering all of this and the structure developed so far, I think we are having wave 4 as a flat correction, but its yet very early to decide on that and to be honest with all the price and time targets that we have, we don't care that much about the structure.
Also note that I have 27th of July as a 20D trough, which should be our wave a of 4 bottom.
To sum up, I think AAPL is in wave 4 and its going to bottom on 12th of August at 185.32.
Update: I was early on the identification of wave 3 peak. What I see at the moment is that AAPL is moving downside in wave 4 and forming a 40W cycle trough around 12th of August.
We have not seen any major FLD break to the downside yet to come up with targets, but if we assume that the 20W cycle FLD is going to act as a support for the upcoming trough, we have ~184 as a potential target for wave 4 bottom. This price and time target is also supported with the parallel upward channel.
We have also seen a head & shoulders pattern on the hourly chart (the neckline is shown as a red dotted line) and its price target is 186.80.
If we consider the fib retracement of wave 3, it shows 185.32 as the target.
Considering all of this and the structure developed so far, I think we are having wave 4 as a flat correction, but its yet very early to decide on that and to be honest with all the price and time targets that we have, we don't care that much about the structure.
Also note that I have 27th of July as a 20D trough, which should be our wave a of 4 bottom.
To sum up, I think AAPL is in wave 4 and its going to bottom on 12th of August at 185.32.
Comment:
A possible correction to my hourly count. The structure is ugly.
