As expected, Apple shares have recently climbed to a new all-time high, establishing a significant cycle top at $344.56—confirmed by the strong sell-offs that followed. As a result, we now see the price entering a new downward phase, which should unfold in three steps and initially break below the $273.77 support. However, in our alternative scenario (probability: 40%), Apple would surpass the cycle high assumed in the primary scenario, breaking through the $344.56 resistance and setting a new higher top. Only after that would a correction begin.