Technical Pulse: Apple Inc September 21, 2020 483

Apple Inc (US: APPL) primary phase 5-wave impulse has complete after the stock forms a divergence, signalling an end of a 5-wave trend on 2nd September 2020. Based on the technical and wave analysis, we are looking at further downside to complete wave C. :

  1. Apple has broken below the immediate support of wave A at US$110.48. As such, we are looking at a premature start of corrective wave C.
  2. Since wave B fails to clear above 50.0% Fibonacci retracement of wave A, there is a strong conviction that Appleā€™s wave C will be extended toward 161.8% of wave A. Which also coincide near the support level of US%100.40 and 78.6% Fibonacci retracement level of immediate swing high/low from wave 4-5.
  3. Bearish candle closes below 50-day moving average, signalling further correction to the downside.

 

*The technical call is valid for 4 weeks only. Buy limit should be filled within the next 3-5 days. Otherwise the buy limit will be considered a forgone trade

 

CHART LEGENDS

Moving average

Red dotted line = 200-day moving average

Blue dotted line = 50-day moving average

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