Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Apple stock, published in members area of the website. As our members know, Apple has been showing incomplete Higher- High Sequences in the cycle from the March 23rd low, calling for further rally. Consequently we recommend members to avoid selling the stock, while keep favoring more upside toward 284.28-313.72 area. In further text we’re going to explain Elliott Wave Forecast.
Apple 4 Hour Elliott Wave Analysis 4.6.2020
Apple is correcting cycle from the 327.93 peak. The stock has scope to reach 284.28-313.72 area. However, we would like to see break above March 31st peak- (B) blue to confirm next leg up ((C)) black is in progress. Once the stock reaches proposed area, buyers will be taking profit and sellers can appear for pull back in 3 waves at least.
Apple 1 Hour Elliott Wave Analysis 4.6.2020
As we can see at the chart bellow, Apple completed wave ((B)) pull back as Irregular Flat Pattern at the 236.79 low. Current view suggests rally from the mentioned low is unfolding as impulsive structure. Break above previous peak (B) blue – 03/31 confirmed next leg up ((C)) is in progress. The stock is now targeting 284.28-313.72 area. As far as 236.79 pivot holds we favor the long side. We don’t recommend selling the stock.
You can learn more about Irregular Elliott Wave Flat Patterns at our Free Elliott Wave Educational Web Page.
Apple 1 Hour Elliott Wave Analysis 4.6.2020
The stock completed short term cycle from the 236.79 low as 5 waves structure- wave (1) blue. We got clear 3 waves ABC pull back in (B) blue, when the price reaches A-B equal legs at 259.26-257.26. Short term pull back (2) blue is counted completed at the 257.19 low. Now we would like to see break above (1) blue peak to confirm next leg up is in progress. We don’t recommend selling the stock and favor the long side toward 284.28-313.72 area ( equal legs from the March 23rd low)
Keep in mind not every chart is trading recommendation. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
Elliott Wave Forecast