Apple ticker symbol: $AAPL short-term Elliott wave view suggests that the decline to $215.31 low ended intermediate wave (4) pullback. Above from there, the stock is nesting higher within wave intermediate wave (5) looking for more upside extension. The internals of intermediate wave (5) is unfolding as impulse structure with the sub-division of 5 waves rally in each leg higher. When Minor wave 1, 3 & 5 are expected to unfold in 5 waves structure in lesser degree cycles.
Up from $215.31 low, the initial rally to $222.28 high ended Minor wave 1 in 5 waves. A pullback to $216.51 low ended Minor wave 2. Above from there, a rally to $233.47 high ended Minor wave 3 higher with another 5 waves structure in lesser degree cycles. Where Minute wave ((i)) of 3 ended at $221.59 high. Minute wave ((ii)) of 3 ended at $219.25 low. Minute wave ((iii)) of 3 ended at $229.42 high. Then Minute wave ((iv)) of 3 ended at $225.67 low. Finally a rally to $233.47 high ended Minute wave ((v)) of 3.
Down from there, Minor wave 4 pullback is proposed complete at $226.73 low as double three, after reaching the blue box area at $228.63-$226.34 100%-161.8% Fibonacci extension area of a Minute wave ((w))-((x). Near-term, while dips remain above $226.73 low and more importantly the pivot from $215.31 low stays intact expect Apple to resume the next leg higher in Minor wave 5 of (5). We don’t like selling it and prefer more upside against $215.31 low.
Apple 1 Hour Elliott Wave Chart
