AAPL seems to form a large cyclical wave a. This takes the form of a ①-②-③-④-⑤ impulse from the primary grade.
It is assumed that the bearish correction wave ④ is currently under construction. It is a standard zigzag that requires the middle pulse (C) to complete. Soon we can expect its end close to 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 a wave ④ that is also zigzag.
The market could already start building the initial part of the main fifth wave. This could take the form of a final diagonal (1) – (2) – (3) – (4) – (5) of the middle grade.
In the coming trading weeks, we can expect a gradual increase of the medium 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 a third wave.
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