Apple: Pulling Back, but Uptrend Still Intact

Apple has recently faced substantial downward pressure, retracing enough to erase the gains made in the first week of September. Our primary outlook is that the stock will soon rebound and, during green wave [3], rise toward resistance at $260.10. Following a moderate pullback in wave [4], shares should ultimately break through this level in wave [5], further advancing the broader upward trend. However, we continue to monitor our 37% likely alternative scenario. In this case, AAPL would have completed beige wave alt.b with its recent peak and could next target a new major low for blue wave alt.(IV) via wave alt.c. Here, the price would fall below support at $201.50 but ideally rebound above the lower mark at $168.