Apple five waves rally favors bullish side [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave in Apple (AAPL) suggests pullback to 195.99 ended wave IV. The stock has turned higher in wave V with internal subdivision as 5 waves impulse. However, it still needs to break above previous wave III peak at 237.23 on July 15 to rule out a double correction. Up from wave IV, wave (1) ended at 213.5 and wave (2) pullback ended at 201.07. The stock nested higher with wave 1 ended at 214.25 and pullback in wave 2 ended at 210.64. Stock then resumed higher in wave 3 towards 227.98 and wave 4 ended at 224.80. Final wave 5 higher ended at 228.34 which completed wave (3).

The stock then pullback in wave (4) with internal subdivision as a double three Elliott Wave structure. Down from wave (3), wave W ended at 223.9 and wave X ended at 228.22. Wave Y lower ended at 223.3 which completed wave (4) in higher degree. The stock has turned higher in wave (5). Up from wave (4), wave 1 ended at 229.86 and wave 2 pullback ended at 225.53. Wave 3 higher ended at 232.92 and wave 4 pullback ended at 229.30. Expect the stock to end wave 5 and this should complete wave (5) of ((1)) in higher degree. Afterwards, the stock should pullback in wave ((2)) to correct cycle from 8.5.2024 low in larger degree 3, 7, or 11 swing before it resumes higher. Near term, as far as pivot at 195.99 low stays intact, expect dips to find buyers in 3, 7, 11 swing for further upside.

AAPL 60 minutes Elliott Wave chart

AAPL Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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