Apple (AAPL) ended correction on March 8, 2021 low and since then has continued to rally and broken to new all-time high. The rally from March 2021 low so far is only in 3 swing suggesting further upside to come. Looking at the shorter cycle from May 13, 2021 low, the stock rallies as a 5 waves impulse Elliott Wave structure. Up from May 13 low, wave (1) ended at 128.32 and pullback in wave (2) ended at 123.13. The stock has rallied higher in wave (3) towards 150 and dips in wave (4) ended at 141.70.
Wave (5) is now in progress with subdivision as an impulse in lesser degree. The 30 minutes chart below shows the internal subdivision of wave (5). Wave 1 of (5) ended at 149.83. Down from there, wave ((a)) ended at 145.39, wave ((b)) ended at 149.32, and wave ((c)) ended at 142.50. This completed wave 2 of (5). The stock has turned higher but still needs to break above wave 1 at 149.83 to rule out a double correction. Up from wave 2, wave ((i)) ended at 146.99 and pullback in wave ((ii)) ended at 145.18. Near term, as far as pivot at 142.50 low stays intact, expect stock to resume higher.
