AAPL – Apple Computer (Last:98.94)

Apple’s high yesterday occurred just 2 cents from the 101.07 target shown, but on the weekly chart, the stock is already through a major midpoint resistance at 99.79 associated with a very long-term D target at 144.56 (A=11.17 on January 23, 2009).  I am calling attention to this because a blowoff of that magnitude in the stock would almost surely be part and parcel of a steep rally in the broad averages toward a major top. More immediately,  I’d like to see AAPL consolidate down to 99.79 after pushing decisively above it, but we’ll be watching the lesser charts in any case for signs of significant buying power percolating beneath the surface.  One other Hidden Pivot resistance must be noted: 103.07, from the daily chart (A=89.65 on 6/25; B=99.44 on 7/29).  If it and the one at 103.07 are easily conquered, it would increase the likelihood of a blowoff to 144.56 _______ UPDATE (August 26, 11:55 p.m. EDT): Apple is slipping beneath a 100.91 midpoint support (see inset, a fresh chart), implying it’s about to fall to the 100.46 D’ sibling.  Short it via camouflage on the 5-minute chart, using Tuesday’s lows to establish an a-b impulse leg.  If you’re short when 100.46 is hit, reverse the position and go long aggressively with a tight stop-loss. _______ UPDATE (Sep 1): The actual low occurred at 100.70, and although that’s within 0.24 of the corrective low flagged above, I’ll assume no subscribers got aboard unless I hear otherwise.  There are more bullish targets above that I could bring clarity to at the moment, but the bottom line is that you should bring a bullish bias to any trades, especially since there’s potential for a ride to as high as 144.56. ______ UPDATE (Sep 3, 10:49 p.m.): The stock has plummeted nearly $5 after topping Tuesday within 0.07 of the 103.07 rally target flagged above.  If you got short, please let me know in the chat room and I will provide further guidance.