Forex Trading Library

APPL Double Zigzag Breaks Fresh Lows!

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chart of Apple

The formation of a corrective trend for APPL stocks continues. This takes the form of a 3-wave zigzag of the cycle degree a-b-c.

A complex correction b is currently under development, the structure of which hints at the primary double zigzag Ⓦ-Ⓧ-Ⓨ. The actionary leg Ⓦ and the intervening zigzag wave Ⓧ look complete.

 

The final primary wave Ⓨ takes the form of an intermediate zigzag (A)-(B)-(C).

The price could rise to 150.48 in the near future. At that level, intermediate correction (B) will be at 50% of impulse (A).

chart of Apple

In an alternative scenario, the bearish primary wave Ⓨ is more complex in structure. This takes the form of an intermediate double zigzag (W)-(X)-(Y). The intermediate waves (W) and (X) could already be fully completed.

Thus, the market is currently in the last impulse wave C.

It is assumed that the price in impulse C could fall to 108.48. At that level, wave Ⓨ will be at 123.6% of wave Ⓦ.

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