AAPL Elliott Wave Analysis Trading Lounge Daily Chart, 5 March 24
Welcome to our AAPL Elliott Wave Analysis Trading Lounge, where we explore technical insights to uncover trading opportunities. Today, we're focusing on Apple Inc. (AAPL) using Elliott Wave theory.
Apple Inc., (AAPL) Daily Chart Analysis
AAPL Elliott Wave Technical Analysis
Our analysis of the daily chart reveals a corrective pattern within the Elliott Wave framework. This indicates a countertrend correction, with the current structure resembling a flat pattern. We're currently positioned in wave {c} of 2, signaling a potential completion of this wave.
Key Highlights:
- Function: Counter Trend
- Mode: Corrective
- Structure: Flat
- Position: Minute {c} of wave 2
- Direction: Completion of wave {c} of 2
Our analysis suggests that wave {c} may be in progress, with a target around $165, aligning with the lower end of the MG2 level. This level could serve as crucial support, potentially leading to a reversal or continuation of the broader trend.
AAPL Elliott Wave Analysis Trading Lounge 4Hr Chart, 5 March 24
Apple Inc., (AAPL) 4Hr Chart Analysis
AAPL Elliott Wave Technical Analysis
Turning to the 4-hour chart, we continue to observe a corrective pattern within the Elliott Wave framework. Similar to the daily chart, the structure appears flat, indicating a countertrend correction. Our current position places us in wave {c} of 2, with a potential acceleration higher into wave (iii) of {c}.
Key Highlights:
- Function: Counter Trend
- Mode: Corrective
- Structure: Flat
- Position: Wave {c} of 2
- Direction: Acceleration higher into wave (iii) of {c}
We've previously identified a top in wave 1, followed by a wave {b} top. Our analysis suggests downside targets towards $165, consistent with our daily chart analysis. This level remains critical for potential support or reversal signals.
In conclusion, our Elliott Wave analysis provides valuable insights for traders looking to capitalize on potential market movements in AAPL. Stay tuned for further updates and trading opportunities.
Technical Analyst: Alessio Barretta
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