In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of Apple ticker symbol: AAPL. We presented to members at the elliottwave-forecast. In which, the rally from 03 January 2023 low unfolded as an impulse structure suggesting that it’s a motive sequence & pullback should find support in 3, 7 or 11 swings for another extension higher at least. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings based on the Elliott wave hedging tool looking for a minimum reaction higher to take place. We will explain the structure & forecast below:
AAPL 4-Hour Elliott Wave Chart From 2.26.2023
Here’s 4 hr Elliott wave chart from the 2/26/2023 update. In which, the cycle from the 1/03/2023 low ended in wave ((1)) as an impulse structure at $157.38 high. Down from there, the stock made a pullback in wave ((2)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (A) ended at $148.70 low. Wave (B) ended at $156.33 high and wave (C) managed to reach the blue box area at $147.72- $142.37 area. From there, buyers were expected to appear looking for the next leg higher or for a 3-wave bounce minimum.
AAPL Latest 4-Hour Elliott Wave Chart From 3.07.2023
This is the latest 4 hr Elliott wave Chart from the 3/07/2023 update. In which the stock is showing a strong reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $157.38 high would still be needed to confirm the next extension higher & avoid a double correction lower.
Source: https://elliottwave-forecast.com/stock-market/aapl-reaction-allowed-longs-get-risk-free/