WaveTrack International

Elliott Wave Financial Price Forecasting

Apple Inc. Extends Uptrend Following Quarterly Results

by WaveTrack International| August 3, 2018 | 2 Comments

Apple Inc. Extends Uptrend Following Quarterly Results – Terminal High Projection to $228.42+/-

Apple Inc. published its latest quarterly earnings earlier this week with strong numbers. It caused the share price to leap beyond the nearby resistance illustrated in the diagonal pattern (see update dt. July 23rd).

• EPS: $2.34 vs. $2.18 (source: Thomson Reuters estimates)
• Revenue: $53.3 billion vs. $52.34 billion (source: Thomson Reuters estimates)
• iPhone sales: 41.3 million vs. 41.79 million (source: StreetAccount)

The diagonal pattern as minor wave v. five was constructed because of three wave activity contained in the two advancing sequences from June ’17 onwards. And because of ‘overlap’ in its more recent dip during last June’s sell-off from 194.20 to 180.73 (180.73 broke below the previous March high of 183.50). But this is now negated basis the recent thrust above the upper boundary line of the diagonal.

This revised wave count relabels minor wave v. five beginning from a later low traded in February ’18 at 150.24 as a five wave ‘expanding-impulse’ pattern. The only problem is the ‘overlap’ conundrum which is difficult to overcome. Unless a closing/line chart is used as a filter – no overlap occurs when using this test.
But it would indicate Apple Inc. continuing to push even higher, targeting 228.42+/-.

Apple Inc. - Daily - Elliott Wave Forecast

Apple Inc. – Daily – Elliott Wave Forecast

Apple Inc. + Fib-Price-Ratios

Minor wave v. five can be seen unfolding within the five wave expanding-impulse pattern of intermediate wave (5) that began its uptrend from the May ’16 low of 89.47 – this wave labelling hasn’t changed – only the location of minor wave v. five has. Now if minor wave iii. three ended into the Nov.’17 high at 176.24, then two fib-price-ratios are derived from extending minor waves i-iv one-four by a fib. 61.8% ratio to project wave v. five to 206.97+/- or taking a fib. 61.8% correlative ratio of waves i-iii one-three adding to iv. four which projects wave v. five to 228.42+/-.

Conclusion

Apple Inc. has certainly bucked the trend of the Nasdaq 100 index’s wave count which shows a more immediate topping formation with some stark downside potential during the coming months. It’s difficult to expect Apple Inc. to sustain its run higher for any significant length of time if the broader markets begin to trend lower – assuming the 228.42+/- target is realistic, then it must test this number within the next week or two so that it can then join the major indices in their downturn.

Comments

  • Greg Beglaryan

    in this case a new high for SP & NDX is inevitable. simple mathematics

  • Greg Beglaryan

    markets breadth becomes anomaly narrow. may be there is no longer a free market

About WTI

WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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