AAPL Price Forecast Signals Extended Downside Path for Apple Stock
Apple's (AAPL) stock price has been on a downward trend since its July 30 high, and according to an Elliott Wave forecast, this decline is expected to continue. The short-term view of Apple's price action shows that the drop from the July 30 peak unfolded with impulsive qualities, indicating further downside risk.
From the July 30 peak, wave (A) ended at $300 in a clear five-wave impulse, and the rally in wave (B) is considered complete at $316.29, forming a double three corrective structure. Within this advance, wave W finished at $312.75 and wave X at $301.32.
For now, Apple's price must break below wave (A) at $300 to dismiss the possibility of a double correction within wave (B). However, the impulsive nature of the initial decline combined with the corrective form of wave (B) suggests additional weakness while the stock remains below the July 30 high.