AAPL seems to be forming a large cycle degree wave a. This takes the form of a ①-②-③-④-⑤ impulse of the primary degree.
It is assumed that the bearish correction wave ④ is currently under construction. It is a standard zigzag, which requires the intermediate impulse wave (C) to complete. In the short term, we can expect its end near 110.25. At that level, it will be at 38.2% of primary impulse ③.
The market could then rise in the final wave ⑤ above the level of 145.30.
An alternative scenario shows the completion of wave ④ which is also a zigzag.
The market could have already begun to build the initial part of the primary fifth wave. This could take the form of an ending diagonal (1)-(2)-(3)-(4)-(5) of the intermediate degree.
In the next coming trading weeks, we can expect a gradual increase in the intermediate sub-waves (3)-(4)-(5). As shown on the chart, this could reach the level of 162.27. At that level, wave ⑤ will be at the 50% Fibonacci extension of third wave.
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