Overview: my last update on AAPL was published on Jan 15th and since then I could not update it as I was away. In that update, I expected that we are in wave II of C of (E) of 2 to the upside and huge bearishness to follow when we peak.
Update: that count is still valid, but it is now one of my low-probability alternatives. My main count right now is that we have bottomed for wave 2, finishing off the bear market on this name and we are in wave 1 of (A) of 3, starting a multi-year bullish move.
My first alternative count is the one I have been following before (refer to the update of Jan. 15th), meaning that we are in wave II of C of (E) of 2.
My second alternative count is that we are still in wave B of (E) of 2, developing as a flat. This count has a very low probability in my opinion, yet it is valid.
Looking into the hourly chart, we are close to the completion of an ABC to the upside, which is the completion of either wave 1 of (A) of 3 (scenario 1) or wave II of C of (E) of 2 (scenario 2, zigzag correction). The move to the downside that follows is very important as its structure can help us a lot to decide which scenario is playing out.
Don’t forget that the best thing to do in this market is to be flexible to the different possibilities.
Update: that count is still valid, but it is now one of my low-probability alternatives. My main count right now is that we have bottomed for wave 2, finishing off the bear market on this name and we are in wave 1 of (A) of 3, starting a multi-year bullish move.
My first alternative count is the one I have been following before (refer to the update of Jan. 15th), meaning that we are in wave II of C of (E) of 2.
My second alternative count is that we are still in wave B of (E) of 2, developing as a flat. This count has a very low probability in my opinion, yet it is valid.
Looking into the hourly chart, we are close to the completion of an ABC to the upside, which is the completion of either wave 1 of (A) of 3 (scenario 1) or wave II of C of (E) of 2 (scenario 2, zigzag correction). The move to the downside that follows is very important as its structure can help us a lot to decide which scenario is playing out.
Don’t forget that the best thing to do in this market is to be flexible to the different possibilities.
