Apple seems to be in a complex W X Y correction at the moment based on the Elliott waves. We saw the current top of Apple stock on Dec 13, 2021 at $181. Since then, we have been in a correction that has reached almost -30% at its lowest point. But is that it for Apple or does it go even further south?
The top so far was the end of wave (3) in the Intermidiate Cycle. We are probably not at the end of a wave 1, as the correction has been rather sideways, so the market emotion seems to be mostly still positive at Apple. Theoretically, wave (4) could have already found its low at $129 and we have been in an upward movement again since then.
However, since Apple shows some weaknesses again at the end of this movement and the bears still have a strong presence in the market, the approach of another low is quite likely. If we are really in a W X Y correction, it is quite possible and likely that the extension of 1.618 or 1.786 is approached. For Apple, this would be a trend reversal area between $126.57 and $121.07. However, if the low above the 129$ holds, we are now already in the 3 of the wave (v) of the III and prices of over 211$ are possible in the medium term.
How can I tell which path will occur?
If Apple sustainably exceeds $157.76, a bullish move is quite likely. We will have a final confirmation at the resistance of 176.20$.
In the long term, values of 275$ are quite possible before the next major correction. So a price range of almost 60% starting from the current price.
Long term view:
The top so far was the end of wave (3) in the Intermidiate Cycle. We are probably not at the end of a wave 1, as the correction has been rather sideways, so the market emotion seems to be mostly still positive at Apple. Theoretically, wave (4) could have already found its low at $129 and we have been in an upward movement again since then.
However, since Apple shows some weaknesses again at the end of this movement and the bears still have a strong presence in the market, the approach of another low is quite likely. If we are really in a W X Y correction, it is quite possible and likely that the extension of 1.618 or 1.786 is approached. For Apple, this would be a trend reversal area between $126.57 and $121.07. However, if the low above the 129$ holds, we are now already in the 3 of the wave (v) of the III and prices of over 211$ are possible in the medium term.
How can I tell which path will occur?
If Apple sustainably exceeds $157.76, a bullish move is quite likely. We will have a final confirmation at the resistance of 176.20$.
In the long term, values of 275$ are quite possible before the next major correction. So a price range of almost 60% starting from the current price.
Long term view: