Apple (AAPL) has remained in a bullish trend for some time, but the current advance is developing within a highly overlapping wave structure. While the stock continues to push higher, the lack of a clean impulsive structure leaves open the possibility that we are still dealing with a potential ending diagonal or wedge pattern.
From an Elliott Wave perspective, we are tracking the final stages of wave (C) of 3, which can still extend higher and potentially revisit the all-time-high area. A move towards the $340–350 zone remains possible before wave (C) of 3 is completed, but the overlapping price action suggests that bulls may be gradually losing momentum as the stock approaches this area.
An ending diagonal is a terminal Elliott Wave pattern that typically develops near the end of a larger advance. Its overlapping structure can warn that the current trend is becoming mature and that a larger corrective phase may follow once the pattern is completed.
Therefore, although Apple remains bullish in the near term, we should be prepared for a higher-degree wave 4 correction after the completion of wave (C) of 3. The $300 area is an important support zone, while the stronger support around $274 could become more interesting for a larger corrective low and potential longer-term bullish opportunities.
Highlights:
Apple remains bullish, but the highly overlapping structure leaves open a potential ending diagonal/wedge pattern.
Wave (C) of 3 can still extend higher towards the $340–350 area.
Completion of the potential wedge could be followed by a higher-degree wave 4 correction.
The $300 area is important support, while stronger support is seen around $274.
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