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Elliott Wave chart analysis for AAPL for 21st February, 2013. Please click on the charts below to enlarge.

To see monthly charts and my alternate analysis go here. Only the main wave count is analysed below.

AAPL daily 2012

I have adjusted this main wave count to see intermediate wave (3) as extending. This expects momentum to increase to the downside.

At 365 minor wave 3 would reach equality with minor wave 1. While minor wave 3 is in progress no second wave correction may move beyond the start of its first wave. In the short term this daily wave count is invalidated at minor degree with movement above 484.94.

At 356 intermediate wave (3) would reach 2.618 the length of intermediate wave (1).

At 272 primary wave 3 would reach 1.618 the length of primary wave 1. Thereafter, primary wave 4 should last a couple of weeks to a month or so and may not move back into primary wave 1 price territory. This wave count is invalidated at that stage with movement above 505.75. This is the price point which differentiates this main wave count from the alternate detailed in last analysis here.

AAPL hourly 2012

This hourly chart shows the downwards movement for the start of minor wave 3.

Within minor wave 3 so far minute wave i may be complete.

Within minute wave i minuette wave (iii) has no Fibonacci ratio to minuette wave (i), so we may expect it is more likely that minuette wave (v) will exhibit a Fibonacci ratio to either of minuette waves (i) or (iii).

It is likely that minuette wave (iv) is complete as a flat. At 428 minuette wave (v) would reach equality in length with minuette wave (i).

If minuette wave (iv) is not over and moves further sideways as a double flat, or double combination, then it may not move into minuette wave (i) price territory. At this stage the hourly wave count is invalidated with movement above 463.22.

The channels is drawn first with a trend line from the lows of minuette wave (i) to (iii), then a parallel copy is placed upon the high of minuette wave (ii). Minuette wave (iv) remains contained within the channel so it is likely it is over here. We may expect minuette wave (v) to end about the lower edge of the channel.

A breach of this channel may indicate that minute wave i is complete and minute wave ii is underway. At that stage the invalidation point would move up to the start of minute wave i at 484.94.