Yesterday’s deftly engineered, whoopee-cushion short-squeeze will put a floor under the stock, at least for a while, but it won’t change the fact that the resulting swoon breached a 521.07 midpoint support associated with a downside target at 447.55. That will be our minimum downside price objective as long as the point ‘C’ high of the pattern, 594.59, endures. More immediately, bulls will strengthen their hand for the short term if they can push today above 555.45, an external peak highlighted in the accompanying chart. _______ UPDATE (12:36 a.m. EST): This the bulls failed to do, since AAPL went no higher than 555.20 before collapsing anew. _______ UPDATE (December 11, 2:01 a.m. EST): Since Apple is overdue for a bounce, I’ll suggest using the two labeled peaks to extrapolate a low-risk buy signal for camouflage entry. Ideally, the B-C pullback would begin from a high that exceeds 534.67 by no more than a few cents. For your further guidance, I’ve sketched this hypothetically on the new chart._______ UPDATE (December 14, 2:57 a.m. EST): The overdue bounce we were expecting produced a B-grade trading opportunity with an A-B impulse leg that was stronger, and therefore more enticing to the herd, than we might have preferred. I’ve refreshed the chart to show where entry at ‘x’ could have been attempted without much subsequent stress.
