If you’re wondering what the future trajectory of Apple stock could be, here’s a detailed analysis based on Elliott wave theory, which examines chart patterns that reflect the collective psychology of the market.
Apple shares recently surpassed an all-time high of $182.94. However, it’s crucial to assess whether this rise represents sustainable upward momentum given the market dynamics.
Apple Stock Chart Analysis
Starting on January 4, 2022, Apple stock entered a corrective phase following an Elliott Wave structure called a Flat. This triple structure A-B-C (colored blue on the chart) fell from $182.94 to $129.04.
Currently, Apple appears to be developing an intermediate wave structure – an Expanded Flat corrective wave (denoted A-B-C, in turquoise), which is not yet complete. This structure, in which wave C (turquoise) broke through the boundaries of wave A (turquoise): $129.04 and $176.15, has caused confusion among technical analysts.
However, the repeating pattern is far from complete.
Apple stock price forecast
In June 2023, JP Morgan’s investment division reduced its price target for Apple to $230 amid weak sales of the iPhone and related services.
However, the price could continue to rise, reaching only $199.33 (corresponding to the 161.8% Fibonacci level of the projection of wave B on wave A, in turquoise).
Since the structure has met its minimum validation requirements – wave C breaking above $176.15 (top of wave A in turquoise) – initiating new long positions at current levels involves considerable risk, due to the significant extension of wave A-B-C (turquoise).
It is very likely that the price will register a steep correction, similar in intensity and duration to wave A-B-C in blue, both in terms of spatial magnitude and temporal duration. This correction could last approximately 163 days and could oscillate in the range of $160-164.
🌱 Support independent research and analysis on market opportunities!
💛 Morraevo is an independent, self-funded project. If you value this work, consider supporting it!
If you liked this you might also like Investing: From $5 Free Funds To Investing Thousands
⚠️ Disclaimer
This article isn’t trading advice, and any financial loss associated with it is solely your responsibility.
However, a more cautious investment approach can generate stability and profit in the long run.
Refined Elliott Wave patterns are complex to identify, and there is always room for error. I don’t recommend using them, especially if you are a beginner in investing. Always seek professional financial advice when investing. Thank you!
News sources and data:
JP Morgan Trims Apple Stock Target Citing iPhone Services Weaknesses
