Following a relentless short-squeeze rally over the last month, AAPL has receded moderately so far from within 43 cents of the 193.36 Hidden Pivot we were using as a minimum upside projection for the bull market. The pullback did not quite reach the green line (x=188.76) on Friday, so there is as yet no theoretical sell signal. This seems likely to occur as the new week begins, and we can use p=184.60 thereafter as a minimum downside target. It can be bought with a reverse pattern trigger when the time comes, but our trading bias should be bearish in the meantime. Were AAPL to head-fake above last week’s 192.93 high, I’d suggest using a voodoo number at 194.11 to get short. Tune to the chat room and keep your email ‘Notifications’ turned on if you want to stay apprised.
AAPL – Apple Computer (Last:189.90)