Welcome to our latest Elliott Wave analysis for Apple Inc. (AAPL) as of August 6, 2024. This analysis provides an in-depth look at AAPL's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on AAPL's market behavior.
AAPL Elliott Wave Analysis Trading Lounge Daily Chart
Apple Inc. (AAPL) Daily Chart
AAPL Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: ZigZag
Position: Wave {ii}
Direction: Bottom in wave {ii}
Details: We are expecting further upside, despite Warren Buffet selling half of his Apple stake. The alternate count forecasts an ending diagonal in wave (5), which suggests higher prices but with limited upside.
AAPL Elliott Wave Technical Analysis – Daily Chart
Despite recent news about Warren Buffet selling half of his Apple stake, the analysis suggests further upside to follow. An alternate count forecasts the possibility of an ending diagonal in wave (5), which would take prices higher, though with limited upside potential. The current wave {ii} correction seems to be nearing completion, setting the stage for a potential resumption of the upward trend.
AAPL Elliott Wave Analysis Trading Lounge 4H Chart
Apple Inc. (AAPL) 4H Chart
AAPL Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: ZigZag
Position: Wave (c) of {ii}
Direction: Bottom in wave (c)
Details: We have reacted off the equality of (c) vs. (a) and TL2 at $200. We need this level to hold to project further upside.
AAPL Elliott Wave Technical Analysis – 4H Chart
The 4-hour chart shows a reaction off the equality of (c) vs. (a), as well as the trendline (TL2) at $200. This level is crucial for the expected upward projection. Holding above $200 is essential for confirming the bottom of wave (c) and supporting the case for further upside.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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