tuek
Short

Long term view of APPL - Correction to Continue

NASDAQ:AAPL   Apple Inc
APPL             is about to complete one complete wave cycle that started around April 2003. Currently its in the correction mode that may continue for about six months or may be whole year.
Previously, wave (2) retreated 68.3 % of wave one and the upward trend resumed. The third wave (3) was an extended wave with 361.8% movement of wave (1). The fourth correction wave retracted back 50% of previous impulse, wave (3), and the uptrend continued. The upward impulse finished with wave (5) on April 2015.
Currently A-B-C correction is happening. The movement of (A) is about 50% of wave (5). The correction wave (B) retracted 76.4% of (A), and the (C) resumed the downward movement.
The whole correction is expected to retract 68.3% of wave (5) to about 85, which is quite close to 38.2% of complete upward impulse (85.65). If further downward moment continues, it will correct up to 50% of upward impulse (67.87) .

Happy Trading and Happy New Year.
Comment: On the chart, red (C) wave corresponds to 50% retraction of wave (5), which is the least possible scenario.
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