AAPL: Double Three Likely To Complete At A High Of 176.54

(Click on image to enlarge)

More than two weeks ago we talked about Apple (AAPL) shares. The current chart shows that the market is forming a correction pattern taking the form of a 3-wave cycle zigzag a-b-c.

Correction b is under development. Most likely, it will end in the form of a double zigzag Ⓦ-Ⓧ-Ⓨ of the primary degree. At the moment, the middle part is being built- the horizontal intervening wave Ⓧ. The structure of the wave Ⓧ is similar to a double three (W)-(X)-(Y), the end of this three is expected at a maximum of 176.54.

After the horizontal pattern ends, market participants can expect a price reversal and the beginning of a decline.

(Click on image to enlarge)

Let’s consider an alternative scenario where the primary wave Ⓨ is in the process of development. It takes the form of a double zigzag (W)-(X)-(Y).

At the moment, an intermediate correction (X) could be completed, so in the next coming trading days the price may go down in a new wave (Y).

The bearish trend is likely to continue to 121.56. At that level, primary waves Ⓦ and Ⓨ will be equal.

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