In our last AAPL video published on April 28 2016, we explained that preferred Elliott wave structure in AAPL is a double three WXY structure from 4/27/2015 peak. Since then AAPL made a new low below 1/21/2016 low and bounced. Now, it is showing 5 swings down from November 2015 peak which is an incomplete bearish sequence. Therefore, while below April 2016 and more importantly below November 2015 peak, AAPL is expected to make another swing lower towards 81.17 area to complete the sequence from November 2015 and also from April 2015 peak. Instrument is already at 50% Fibonacci retracement of the decline from April 2016 (112.36) peak and is expected to find sellers from 100.40 – 103.18 area for new lows towards 81.17 or a 3 wave pull back at least to correct the cycle from May 2016 (89.00) low. If it makes a 3 wave pull back and rallies again, we think it should find sellers again after 7 swings up from May 2016 low as far as pivots at April 2016 and more importantly November 2015 peak remain intact.
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