Apple (AAPL) Rally Should Fail for More Downside

Short Term Elliott Wave View in Apple (AAPL) suggests the decline from 7.19.2023 high is unfolding as a zigzag structure. Down from 7.19.2023 high, wave ((A)) ended at 171.7 and rally in wave ((B)) ended at 190. The stock has turned lower in wave ((C)) although it still needs to break below wave ((A)) at 171.7 to confirm the view. Down from wave ((B)), wave 1 ended at 188.02 and rally in wave 2 ended at 189.5. Stock resumes lower in wave 3 towards 177 and rally in wave 4 ended at 182.52. Final leg wave 5 ended at 173.54 which completed wave (1).

The stock then rallied in wave (2) with internal subdivision as an expanded flat. Up from wave (a), wave ((a)) ended at 180.24 and wave ((b)) ended at 177.79. Wave ((c)) higher ended at 180.8 which completed wave A. Pullback in wave B ended at 173.58 with internal subdivision as a zigzag. Wave C higher is now in progress as a 5 waves. Up from wave B, wave ((i)) ended at 177.49 and pullback in wave ((ii)) ended at 173.82. Wave ((iii)) higher ended at 179.38 and dips in wave ((iv)) ended at 177.78. Expect the stock to extend higher in wave ((v)) to complete wave C of (2). Potential target higher is 100% – 161.8% Fibonacci extension of wave A towards 180.8 – 185.2. Near term, as far as pivot at 190 high stays intact, expect the rally to fail in 3, 7, 11 swing for further downside.

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