By Chris Diodato
Good morning! About six months ago, I decided to do a long term Elliott Wave analysis of Apple. I double checked my work, and even labeled the intraday fluctuations. I came up with this.
There were two scenarios.
- Wave V does not extend, and the entire movement ends at 550. Therefore, that makes waves I, III, and V, all the same size, in terms of price movement.
- Wave V extends, placing the next target at about 670.
Even though Apple met brief resistance at 550, scenario two eventually played out. Now, here is what the analysis looks like
Therefore, from here, we have some more room to the upside until the pivots that occur at the beginning of September. Looking at the stock now, it looks like Apple is once again up today keeping the entire market from going into a landslide (talk about a broken record!).
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.