The Elliott Wave picture for AAPL appears to show that it has completed wave 3 and must complete wave 4 before proceeding upwards - typically one of the most likely targets for wave 4 is the price range of wave iv of lesser degree, which in this case would give a target of at most 200.
Moreover, an equality projection of wave a of 4 from the (possible) end of wave b of 4 (this does not look like an equality projection due to the log scale) suggests that wave 3 could retrace as much as 78.6% of its length. An alternative 0.382 projection from wave b would also form confluence with the 0.5 retracement of wave 3, giving an alternative target of 329-340. A look at the daily chart shows wave 4 apparently subdividing into 5,3,5, (the first 5 and 3 look to have completed) suggesting a sharp zigzag correction with further downside.
As this is an Elliott pattern that lacks any triangles or wedges, features that improve the objectivity of wavecounts, i would advise caution when applying this idea - I will personally not be shorting based on this pattern, but I will certainly be keeping my eyes peeled for buying opportunities next year.
Moreover, an equality projection of wave a of 4 from the (possible) end of wave b of 4 (this does not look like an equality projection due to the log scale) suggests that wave 3 could retrace as much as 78.6% of its length. An alternative 0.382 projection from wave b would also form confluence with the 0.5 retracement of wave 3, giving an alternative target of 329-340. A look at the daily chart shows wave 4 apparently subdividing into 5,3,5, (the first 5 and 3 look to have completed) suggesting a sharp zigzag correction with further downside.
As this is an Elliott pattern that lacks any triangles or wedges, features that improve the objectivity of wavecounts, i would advise caution when applying this idea - I will personally not be shorting based on this pattern, but I will certainly be keeping my eyes peeled for buying opportunities next year.