The bear rally has come from a promising place just a hair above the 128.24 midpoint Hidden Pivot support of the pattern shown. The fact that the last dive did not quite reach its target somewhat shortens the odds that the bounce will take out C=151.74 before it sputters out. Regardless, we should plan on getting short near there, possibly with a ‘counterintuitive’ set-up on the five-minute chart, since it looks like potentially juicy discomfort-zone play. _______ UPDATE (Jun 29, 6:46 p.m.): The ‘mechanical’ short that AAPL tripped Monday at x=143.27 looks pretty juicy, but I’ll suggest using this intelligence to observe rather than trade. Were this promising set-up to be stopped out by a move above C=151.74, it would suggest DaBoyz have regained control of the FAANGs and are ready to run them up shorts’ old wazoo. We needn’t wait for the rally to rack up a $15 gain to assess the odds, since lesser abc patterns toward the right edge of the chart will telegraph incipient strength. FYI, the downside target of the bigger pattern, still very bearish, is 117.87.
AAPL – Apple Computer (Last:139.25)
