Dozy and CONF, you're both correct in a way but Dozy is closest to the truth.
'Alpha Max' is an Airbus term to describe the maximum AoA that the system will command in Normal Law. It is less than the AoA for true CL/alpha max, to avoid stall, as shown in CONF's graph.
In a calm atmosphere, and with a smooth deceleration, Alpha Max will be accurately captured and then maintained at full aft stick. In real life, especially after a sudden pull (GPWS pull-up, for example) some gentle variation will occur until everything settles down, as Airbus describes in the FCTM quotes provided by Dozy.