Apple Wave Analysis – 5 January, 2022

• Apple reversed from resistance zone

• Likely to fall to support level 176.85

Apple recently reversed down from the resistance zone lying at the intersection of the key resistance level 181.60(which stopped the previous intermediate impulse wave (3)) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave 3.

Given the bearish divergence on the daily Stochastic indicator – Apple can be expected to fall further toward the next support level 176.85 (low of the previous wave 2).