Short-term Elliott Wave view in Apple (ticker: AAPL) suggests that the pullback to 256.31 on December 3, 2019 low ended wave (4). The stock has resumed higher within wave (5) and the internal is unfolding as a 5 waves Elliott wave impulsive structure. Up from 256.31, wave ((i)) ended at 263.31, and wave ((ii) pullback ended at 259.45. The stock extended higher in wave ((iii)) towards 269.36 and pullback in wave ((iv)) ended at 268.66. Finally, the stock made the last wave ((v)) higher to 271 before ending wave 1 of (5).
The stock is now correcting cycle from December 3, 2019 low within wave 2 before the rally resumes. Pullback is unfolding as a double zigzag structure where wave ((w)) ended at 264.91. Expect wave ((x)) bounce to fail below 271 before another turn lower in wave ((y)) of 2. Then as far as pivot at 256.31 low stays intact, expect Apple to extend higher again. We don’t like selling the stock. If stock instead breaks above 271, then wave 2 would have ended at 264.91 and in this case, the stock has resumed higher in wave 3 of (5).
The stock is now correcting cycle from December 3, 2019 low within wave 2 before the rally resumes. Pullback is unfolding as a double zigzag structure where wave ((w)) ended at 264.91. Expect wave ((x)) bounce to fail below 271 before another turn lower in wave ((y)) of 2. Then as far as pivot at 256.31 low stays intact, expect Apple to extend higher again. We don’t like selling the stock. If stock instead breaks above 271, then wave 2 would have ended at 264.91 and in this case, the stock has resumed higher in wave 3 of (5).
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