Apple Is Coming Into SupportJan 4, 2023

Apple is coming into support, as we see it finishing a complex corrective decline from Elliott wave perspective.

Apple is coming down from 2022 highs, but drop is in seven swings, so it can be a corrective move that is now coming down into interesting support at $110-$120.
Notice that the current leg down from $150 is coming from a triangle, so a correction can be in late stages as triangles occur prior to the final leg of a higher degree structure.

A bounce in an impulsive fashion back to 140 or higher would be signal for a bullish turn.

Apple Is Coming Into Support Daily Chart
Apple Daily Chart

A seven-swing A-B-C-X-A-B-C structure is a complex (W)-(X)-(Y) or double zig-zag corrective pattern, meaning it’s made by two A-B-C zig-zags. Waves A and C are motive waves made by five subwaves, while wave B is a corrective wave, made in three legs only. Wave (X) can be actually any type of a corrective movement.

Apple Is Coming Into Support Basic Chart
Basic chart

Check also our latest FX video analysis sponsored by Orbex HERE


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