Hi everyone,
Overview: on the update of July 29th I expected AAPL peak being in for wave (X), based on a number of observations, such as the exhaustion gap of that day and the hourly count that was showing a complete structure.
Update: the price action proved that we were early on the identification of the top, and I had to revisit the structure of the hourly chart. Now, I am considering wave (X) as a triple zigzag being complete. We can observe bearish divergence on both the 1 hour and 4 hour charts, the broken black trendline is acting as a resistance and the gap of July 29th was definitely an exhaustion gap. What follows is the third bearish wave to new lows, (Z).
Overview: on the update of July 29th I expected AAPL peak being in for wave (X), based on a number of observations, such as the exhaustion gap of that day and the hourly count that was showing a complete structure.
Update: the price action proved that we were early on the identification of the top, and I had to revisit the structure of the hourly chart. Now, I am considering wave (X) as a triple zigzag being complete. We can observe bearish divergence on both the 1 hour and 4 hour charts, the broken black trendline is acting as a resistance and the gap of July 29th was definitely an exhaustion gap. What follows is the third bearish wave to new lows, (Z).
