Apple was down in 2022, but slow price action and choppy + overlapped wave structure indicates for a corrective movement, so it’s ideally a complex 7-swing (W)-(X)-(Y) correction in higher degree wave 4. With recent sharp reversal and strong rebound from projected support, we believe that bulls are back to bullish mode and can send the price back to highs for wave 5 in the future.
Technically speaking, Apple found the support at a perfect area by textbook, where we see 38,2% Fibonacci support and equal wave length of (W)=(Y). Now that is turning sharply up, we believe that there’s room for more gains, just be aware of temporary short-term corrective pullbacks. Nice support is already around 145 level.
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.