The current AAPL structure hints to a ①-②-③-④-⑤ impulse of the primary degree.
Horizontal wave ④ ended, taking the form of a contracting triangle. The construction of the impulse wave (1) and the bearish correction (2) is also complete.
Intermediate impulse wave (5) is expected to end near 173.75.
At that level, primary wave ⑤ will be at 76.4% of wave ③.
An alternative scenario shows that the primary correction wave ④ is a bearish zigzag, that ended at the end of September 2020.
Primary wave ⑤ takes the form of an ending (1)-(2)-(3)-(4)-(5) diagonal of the intermediate degree.
Currently, the formation of a bearish correction wave (4) has begun. The minor wave A has already ended, and the bullish correction wave B is almost complete.
Once wave B is fully complete, the price could begin to decline in a small impulse C to 119.09. At that level, intermediate correction (4) will be at 61.8% of wave (3).
After reaching that level, we could see the development of the final intermediate wave (5), which could update the previous high of 138.76, marked by the wave (3).