Once again we revisit AAPL as it is a very popular stock among blog visitors and was requested several times to post an update. The move from the April highs is overlapping and no viable impulsive wave formation can be seen. Moreover the wave relationship between wave A and C is close to textbook examples. Our initial target around 530$ was achieved as mentioned in previous posts. The low at 522$ was followed by a 5 wave impulsive upward move as shown in the next chart.
At the 50% retracement near 548$, the stock moved again upwards with a smaller degree 5 wave towards 567$. Although this move is not my favorite clear 5 wave formation, we can still count it as one. The stock has paused the decline between the 38.2% and 50% retracement in the area of the previous 4th wave. The correction is in 3 waves from 567$ top and could very well be over. Short term stops could be place at 548$. The low of 522$ could be another option for a stop level. Resistance at 565$ should be broken for short term upward move to continue. On a daily basis I don't want the stock below 520$ as the road to 450$ would be open.
Thank you for taking the time to read my posts.
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