Peter Smith
⬤ Apple stock is working through a correction phase after wrapping up a solid upward run. The latest Elliott Wave analysis shows this isn't a trend reversal—just a normal pullback within the bigger picture. The hourly chart captures the move out of an ascending channel into a structured correction, with Fibonacci levels marking the path forward.
⬤ The setup shows a classic ABC correction pattern following the earlier push higher. After hitting a local peak, AAPL dropped into a Fibonacci retracement zone with clear support and resistance markers. The 23.6 percent level sits near the upper $260 range, while the 38.2 percent, 50 percent, and 61.8 percent marks stretch progressively lower—showing this is an organized pullback, not a chaotic drop.
⬤ Technically speaking, Apple's still trading within a controlled correction zone. Price action has respected the structure so far without breaking the larger trend. The Elliott Wave labeling indicates the correction is playing out step by step, with any move higher depending on finishing this corrective phase and holding key support areas.
⬤ This matters for the broader market since Apple drives significant weight in the Nasdaq and major equity indexes. Having well-defined retracement levels helps set expectations around volatility and direction during consolidation. How AAPL handles these technical zones will shape near-term momentum and feed into overall market sentiment as the correction unfolds.
Peter Smith
