Short term Elliott Wave view in Apple (AAPL) suggests the rally to 179.59 ended wave ((X)). Wave ((Y)) lower is currently in progress. The decline from ((X)) peak is unfolding as an ABC zigzag Elliott Wave structure. Down from wave ((X)), wave ((i)) ended at 171.94 and rally in wave ((ii)) ended at 178.66. The stock then extends lower again in wave ((iii)) towards 170.13, and bounce in wave ((iv)) ended at 173.48. The last leg lower wave ((v)) ended at 163 and this completed wave A of the zigzag.
Apple then bounced in wave B towards 171.27 with internal subdivision as a zigzag in lesser degree. Up from wave A, wave ((a)) ended at 169.87, pullback in wave ((b)) ended at 166.64, and wave ((c)) higher ended at 171.27 which completed wave B. The stock has turned lower in wave C but it still needs to break below wave A at 163 to rule out a double correction in wave B. Down from wave B, wave ((i)) ended at 163. Wave ((ii)) rally is now in progress to correct the decline from wave B before the stock resumes lower. Near term, as far as wave ((X)) pivot at 179.59 remains intact, expect any rally to fail in 3, 7, or 11 swing for further downside.
