I’m not completely sold on Apple’s supposed rise from the ashes, mainly because the initial phase of the stock’s would-be resurrection failed to get past the 469.95 peak of March 25 (see inset).  In technical terms, this means that the rally was not bullishly impulsive on the daily chart.  And while it is most surely impulsive on the ‘hourly,’ we should expect more from a stock that is attempting to emerge from a nasty bear market.  That said, we can nevertheless extrapolate a serviceable rally target a 492.15 from the pattern shown, even if we must bend the rules slightly to call the 392.50 point ‘A’ a true low.  The midpoint ‘p’ of the pattern lies at 455.52, a hair above yesterday’s high, and AAPL’s ability to punch through it — or not — should inform our willingness to believe that the current rally is the beginning of a new bull market. Regardless, the stock is a solid bull trade once above 455.52, and we should continue to go with the bullish flow as long as each new thrust pushes past a prior, significant peak.