Apple has fallen a hair less than 19% from September 705 high, but as you can see, the decline has yet to breach even a single prior low on the weekly chart, let along the ‘external’ we require to create a bearish impulse leg. That could change in a matter of days, of course, but our benchmark for signaling the possibility that the bear market is only just getting warmed up is a down-leg exceeding 516.22, an external low shown in the chart. The implied power of the impulse leg, and therefore of the bear itself, would depend on how many of the three lows I’ve labeled are exceeded without any upward b-c corrections on this chart.
