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Elliott Wave View: Apple Looking to Turn Lower Soon

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After topping at $233.47 on October 3, 2018, Apple (APPL) dropped to $142.9 for a staggering 39% decline only within 3 months. From $142 low on January 4th, 2019, the stock has rallied and retraced 50% of the drop at $187.9. We think the decline from $233.47 to $142.9 only ended the first leg wave a. The rally from January 4 low thus is within wave b correction with subdivision as azigzag Elliott Wave structure.

In the short term chart below, we can see the pullback to $169.50 ended wave (2) as part of wave ((C)) of b zigzag. From there, the stock rallied to $189.26 and ended wave (3), then the pullback to $184.75 ended wave (4). Apple is in the process of ending the last leg wave (5) with potential target of $190.9 $192.67, which is the inverse 1.236 1.618 extension of wave (4). This last push higher should also end the wave b correction to the decline from October 3, 2018 last year. As far as pivot at $233.47 high stays intact, it should start to roll over soon or at minimum do larger 3 waves pullback.

1 Hour APPL Elliott Wave Chart

AAPL March 21

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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