Apple: Rally Has a Bit More Room to Run

Apple’s upward momentum has clearly slowed at the $260.10 resistance level, though the stock has already come very close to this mark. As a result, we’re allowing for a bit more room for green wave [3] to run in the near term, with the possibility that AAPL could slightly surpass the $260.10 level. However, a sustained breakout above this resistance is likely only after a pullback in wave [4]. At the same time, there remains a 34% probability that the next peak will mark the end (or has already marked the end) of the corrective upward move in the beige wave alt.b. In this case, we would expect significant sell-offs, with a new corrective low for blue wave alt.(IV) forming between the two support levels at $212.94 and $168.