Short Term Elliott wave view in Apple (AAPL) is calling the decline to 170.44 on June 4 as wave I. Wave II bounce is currently in progress to correct cycle from June 4 low as a zigzag Elliott Wave structure. Up from 170.44, Wave ((A)) of II has ended at 196.79 as a 5 waves impulse. Wave (1) ended at 184.99 and wave (2) pullback ended at 181.14. Wave (3) ended at 196, wave (4) ended at 194.57, and wave (5) ended at 196.79.
The stock is pulling back in wave ((B)) in 3, 7, or 11 swing to correct cycle from June 4 low. The internal of wave ((B)) is unfolding as a zigzag Elliott Wave structure where wave (A) of ((B)) should end with 1 more push lower. Afterwards, expect the stock to bounce in wave (B) followed by another leg lower in wave (C). Then as far as pivot at 170.44 low stays intact, the stock should resume the rally again. We don’t like selling the stock and expect buyers to appear in 3, 7, or 11 swing provided pivot at 170.44 low is holding.
Apple (AAPL) 1 Hour Elliott Wave Chart
