Using Apple as a bellwether, it’s possible to see an end to the tiresome dirge that has consumed the better part of our trading week. ON the evidence in this weekly chart, the turn should come today, since the stock has completed an ABCD correction begun a month ago. However, there is a darker alternative implied by Apple’s slight overshoot of the 535.54 target. The actual low so far has been 533.60, and although this might sound like much, in visual context it is more than a slight breach. That is at least mildly bearish for the near-term, although it would not become truly scary (for bulls, that is) unless the downtrend were to continue, in uncorrected fashion, to exceed the 512.38 low I’ve labeled in the chart. Since a dither at these levels could set up a low-risk opportunity to get short (or possibly long) via ‘camouflage,’ traders should monitor the chat room for timely advice.
