Replies to post #46635 on Short Term Trading Member Forum

[techcharter]

Lexus, Same Thoughts on AAPL

Yahoo finance had a headline pumping the stock with a new product release. Technically, AAPL is in wave 5 of 5. The larger degree started at the January '09 lows. The smaller degree has pushed above the channel formed over the last 3 years. If you make a devils pitchfork such that the lower tine hugs the lower channel line, and the upper tine tags the December '07 high, then the price has very little room to rise before the middle tine obstructs it.

A correction back to the $80 level is realistic given that is the beginning of larger degree wave 5. The great non-conformation would be MSFT not even close to making new highs with AAPL. EBAY and GOOG are struggling in choppy advances (most likely a corrective rally).


http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=aapl&time=12&startdate=1%2F4%2F1999&enddate=2%2F28%2F2012&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9&x=33&y=16