AAPL

Someone asked me to put together a labeled Elliott Wave chart of AAPL on the daily time frame.

I'm often asked, where do you begin labeling from?  The answer is a major price extreme.

I went ahead and started with the monthly so I can get some context.  As you will see, it actually saves work later, as there are far less waves needing to count on the smaller time frames.

One thing I want to mention first to eliminate any confusion.   The small yellow numeric labels on the chart were generated by a script, as are the black wave lines.  Sometimes they are right, but often I decide that the label is actually something else.  The point is, trust the hand-drawn labels.

As you can see above, there was a major low in 2009, so I decided to start labeling from that point forward.  When five waves up are finally completed on the monthly time frame at some point in the near future, then at the very least that entire five-wave structure will be corrected.   How big the ensuing correction ultimately will be depends on what part of the larger degree wave was completed.  I leave that as an exercise to the reader.

The weekly chart zooms in on the as-yet incomplete wave ((5)) on the monthly, starting from the bottom of ((4)) in August of 2011.  You can already see three waves on the monthly, but the weekly shows them in more detail.

Lastly, the daily chart zooms in on 5 of (3) on the weekly, beginning at the completion of 4 in early March.  You can also see more detail on the correction now in progress.  There is an A? marked at the end, as there really isn't enough detail on the daily to call that wave complete.  Going to a 4H, or 1H chart would make sense to see the progress of the wave (4) of ((5)) correction.

Notice on the daily chart how I was able to just start on 3/5 and plop a label 3 on there and work forward.  The work I did on the higher time frames allowed me to do that, and only focus on more recent price action.