By Jeff Pierce
Falling bullish wedge where this week we made multi-month lows, essentially shaking out the weak hands. I think we could bounce up to the $540 level before rolling back over and starting a next leg down. It’s an upside down world where you have RIMM massively outperforming the markets and AAPL being a dog, but that’s the world we’re in right now and until we have a scary capitulation type sell off, I don’t think Apple’s going to make much headway to the upside.
Below is A monthly chart that points out where I see Apple heading to before this current sell off is over.
Jeff Pierce is a momentum trader who specializes in market timing.