AAPL Elliott Wave View Signals Extended Downside Path for Apple Stock
The short-term Elliott Wave view for Apple (AAPL) indicates that the decline from July 30 has had impulsive qualities, suggesting further downside risk. The stock's price dropped from its peak at $300 in a clear five-wave impulse, with wave (A) ending there and wave (B) considered complete at $316.29 as a double three corrective structure.
Within this advance, wave W finished at $312.75, while wave X ended at $301.32. The stock must break below wave (A) at $300 to dismiss the possibility of a double correction within wave (B), but even then, the impulsive nature of the initial decline combined with the corrective form of wave (B) favors additional weakness while price remains below the July 30 high.
Apple has already turned lower in wave (C). From wave (B), wave 1 ended at $300.57 as a diagonal structure, and a rally in wave 2 is expected to fail beneath $316.29, reinforcing the bearish outlook. In the near term, rallies should fail in either three or seven swings as long as the pivot at $344.77 high remains intact.