I’ve shrunk the picture somewhat with a truncated a-b leg that projects a tradeable low at 164.90, well above the 146.25 target presented here last week. However, if AAPL should eventually relapse and close below last week’s 171.96 low for two consecutive days, it would shorten the odds that the more bearish target will be reached. In the meantime, the best opportunity I could foresee for the next two weeks would be ‘mechanically’ shorting a run-up to x=189.90. Otherwise, AAPL still looks like a good bet to fall to at least 164.90 eventually, so our mid-term trading bias should remain bearish.
AAPL – Apple Computer (Last:178.61)