In this tweet, the dark arts I employ helped me to correctly identify $AAPL‘s delicious descent this week, and crucially, it arrived within my target range. At present, it is unclear to me if that wave is complete, but as it stands, it is deep enough for a minuette (orange) 2 as I have it currently labeled below.
Liquidation breaks like Friday’s are often at least partially reversed in the short-term, so at the very least, I place a higher probability on a bounce early next week. Whether that will then lead to a second leg lower remains to be seen but if it does turn down again, it will render the interpretation of the move as a little “2” less credible because it is already quite deep enough.
That said, I will reiterate here the broad look I pointed out a while back here. I think we’re in a series of ending 3-4-5s that could continue to go on for some time. Do keep in mind, when I place future Elliott Wave markers on the charts, I generally can place them roughly where I can expect them to be in price, but it’s far more difficult to place them correctly in time, so take that part with a grain of salt.
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