AAPL Has Scope To Make Another Push Higher
Elliott Wave Forecast | May 24, 2016 12:05AM ET
Short term Elliottwave structure suggests wave (W) dips to $89.47 ended cycle from 4/15 peak. From there, Apple (NASDAQ:AAPL) is in wave (X) bounce to correct the decline from 4/15 peak. Internal structure of wave (X) bounce is unfolding as a double three where wave W ended at $95.21, and wave X ended at $93.54. While wave ((x)) dips stay above $93.54, and more importantly above $89.47, Apple has scope to make another push higher towards $99.32 – $100.68 area to complete wave (X) bounce before the decline resumes. We don’t like buying the proposed push higher in wave (X) and expect Apple to find sellers from $99.32 – $100.68 area to new lows or at least in 3 waves pullback as far as 4/15 pivot at 112.39 remains intact.
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