Short term Elliott Wave View in Apple (AAPL) suggests at minimum cycle from December 2 low has ended. Cycle from December 2 low unfolded in a 5 waves impulse Elliott Wave structure. Up from December 2 low, wave 1 ended at 164.2 and dips in wave 2 ended at 159.72. Internal subdivision of wave 2 unfolded as an expanded flat where wave ((a)) ended at 162, wave ((b)) ended at 165.4, and wave ((c)) ended at 159.72. The stock then resumed higher in wave 3 towards 175.96 with internal subdivision as another impulse in lesser degree. Up from wave 2, wave ((i)) ended at 167.88 and pullback in wave ((ii)) ended at 164.83. The Stock extends higher in wave ((iii)) towards 173.88, dips in wave ((iv)) ended at 170.70 and final leg higher wave ((v)) ended at 175.96. This completed wave 3 in higher degree.
Pullback in wave 4 ended at 173.61, and final leg higher wave 5 is proposed complete at 176.77. This also completed several higher degree cycles. The stock has turned lower and the decline is unfolding as an impulse. Down from December 9 high at 176.77, wave (1) ended at 173.92 and rally in wave (2) ended at 176.20. The stock has resumed lower in wave (3). Near term, as far as pivot at 176.77 stays intact, expect the rally to fail in the sequence in 3, 7, or 11 swing. Apple should correct at minimum the cycle from December 2 low with possibility of ending larger degree cycle and correcting in larger degree.
