In my l from nearly two months in the past, I confirmed utilizing detailed Elliott Wave Precept (EWP) evaluation, stating:
“If the latest September and October lows maintain, I favor to look larger for AAPL to $144-151.”
Because it has been some time, let me first assess how that forecast panned out to see if it had any advantage. If it had, then I can proceed to make use of it. If not, I should alter my evaluation: anticipate, monitor, and alter if mandatory.
1) I accurately labeled the Nov. 9 excessive as (gray) minute wave-i, however minute wave-ii didn’t backside on November 10, 2020, at $114.13. As an alternative, it morphed right into a -complex- irregular flat bottoming on Nov. 24, at $112.59. Lower than 1.5% beneath Nov. 10 low. This marginal decrease low solely barely adjusted the (gray) minute wave-iii, iv, and v targets.
2) On Nov. 11, I anticipated a prime for minute wave-iii round $138.45. Apple (NASDAQ:) received to $138.79
and, 3) corrected to yesterday’s low for what I’ve labeled as a (gray) minute wave-iv. Thus, my November forecast was solely off by 1.3% ($129.05 vs. $126.28) for this low. If this low holds, then minute wave-v is now underway to ideally $142-143 to finish the one-degree excessive (inexperienced) minor-3 wave. Be aware how the 200% and 161.80% extensions coincide and the v=i (wave-v equals the size of wave-i) arrow. The primary is a typical wave-v extension goal, the second an everyday 3rd wave Fib-extension goal, and the threerd a traditional relationship between 5th and 1st waves.
AAPL each day candlestick chart with technical indicators and most well-liked Elliott Wave rely:
Thus, AAPL has so far adhered almost picture-perfect to the ideal/text-book Fibonacci-based EWP count for (grey) minute waves-ii, iii, iv. Therefore, it is only logical to assume minute wave-v will continue to do the same: adhere to the text-book Fibonacci-based EWP count and target $142-143. From there, minor-4 and -5 will still need to develop, targeting ideally $129.50 and $151.60, respectively. Of course, any of the remaining up waves (minute-v and minor-5) can extend, i.e., become more protracted than what is “standard,” but I cannot know that beforehand. We’ll deal with that when it happens.
Bottom line: Almost two months ago, the EWP helped me forecast AAPL’s recent highs and lows almost to the tee, showing this method can be a very accurate and powerful tool in forecasting tops and bottoms in stocks (and other assets) long before they happen. Thus, if yesterday’s low holds, I continue to expect AAPL to adhere to the Fibonacci-based EWP count and reach the low $150s before a much larger correction ensues.