Elliott Wave View: Apple (AAPL) Rally as a Flat
Short term Elliott Wave view in Apple (ticker: AAPL) suggests the decline from 8.17.2022 high is unfolding as a zigzag Elliott Wave structure. Down from 8.17.2022 high, wave a ended at 133.20 and wave b rally ended at 157.50. The stock extends lower in wave c and the internal subdivision is in the form of a 5 waves impulse Elliott Wave structure.
Down from wave b, wave (1) ended at 148.19 and rally in wave (2) ended at 152.17. Apple then extends lower in wave (3) towards 137.40 and wave (4) rally ended at 142.67. Final leg lower wave (5) ended at 134.38 which completed wave ((1)) in higher degree. Wave ((2)) rally is now in progress to correct cycle from 10.28.2022 high before the stock resumes lower. Internal structure of wave ((2)) takes the form of a flat. Up from wave ((1)), wave (A) ended at 141.43, and pullback in wave (B) ended at 134.59. Wave (C) is in progress as a 5 waves and can see a few more upside before it turns lower. As far as 10.29.2022 pivot at 157.47 high remains intact, expect rally to fail and the stock to resume lower.
Down from wave b, wave (1) ended at 148.19 and rally in wave (2) ended at 152.17. Apple then extends lower in wave (3) towards 137.40 and wave (4) rally ended at 142.67. Final leg lower wave (5) ended at 134.38 which completed wave ((1)) in higher degree. Wave ((2)) rally is now in progress to correct cycle from 10.28.2022 high before the stock resumes lower. Internal structure of wave ((2)) takes the form of a flat. Up from wave ((1)), wave (A) ended at 141.43, and pullback in wave (B) ended at 134.59. Wave (C) is in progress as a 5 waves and can see a few more upside before it turns lower. As far as 10.29.2022 pivot at 157.47 high remains intact, expect rally to fail and the stock to resume lower.
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