AAPL’s big bounce in August may have added tens of billions of dollars to the macro ledger for a short while, but September’s symmetrical decline has taken it all back. The stock still appears bound for D=164.90 of the pattern shown, equating to a 17% decline from the 198.23 high recorded in early July. Since Apple shares have been an infallible bellwether for the stock market as a whole, we’ll want to pay close attention to price action when 164.90 is hit, which it eventually will be. If the Hidden Pivot support is decisively exceeded, it would imply more downside is possible to as low as 146.25, a Hidden Pivot support derived from shifting ‘A’ up to last August’s 176.15 peak.
AAPL – Apple Computer (Last:175.01)