AAPL has taken many a fall from these level since September, and so a breakout above the 158.74 peak circled in the chart would generate a strong impulse leg. Some will also see a bullish, inverted H&S pattern, which in this case is compelling enough to overcome my usual skepticism toward such formations. Immediate upside potential on a breakout would be to the 161.07 D target of this pattern, or 163.58 if any higher. That last number is derived from a lower ‘A’ at 138.81 recorded on Jan 25. _____ UPDATE (Mar 23, 4:32 p.m.): Today’s wild swings effectively fulfilled the 162.47 rally target shown. The target is a correction of one at 163.58 given here earlier that was based on an erroneous coordinate. I doubt that AAPL’s handlers are done short-squeezing the stock skyward vaporous volume, but they definitely hit real supply at the Hidden Pivot that will require some rest. Use a 167.42 target for the next big upthrust. It was calculated by simply sliding ‘A’ down to Jan 19’s 133.77 low.
AAPL – Apple Computer (Last:158.89)
