Elliott wave analysis of Apple - Important wave two bottom in place

 

 

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Will Apple make a new low below 385.12? I don't think it will. After correction 50% of wave 3 we have seen an impulsive rally of the 385.12 low and that is the first real indication, that we have seen an important low at 385.12. That said, the wave 4 correction from the 703.86 could still become way more complex - like a triangle, but only time will tell.

 

If we look at the decline from the wave i high at 465.44 it has clearly been in three waves and once the base-channel was broken it only took a few days, before prices broke back into the base-channel, which is a Classic sign, that the correction from 465.44 is over.

 

We have also seen an overlap between what would have been wave i and iv if this had been an impulsive decline and that's not allowed under the Elliott Wave Principle.

 

Finally we have seen an impulsive rally of the wave ii low at 388.89 and we should now see red wave ii down to the 408 - 411 area before the next rally higher in red wave iii towards at least 461 and likely even higher towards 493.