Apple has been in a dither for the last two weeks, with bears somewhat getting the better of bulls as far as the dueling tracks they’ve left on the intraday charts. Since both have spent most of the last two sessions beneath the midpoint support of the pattern shown (i.e., the red line), we should regard it as bearish distribution rather than bullish accumulation. That implies about $13 of downside potential from these levels, but it is probably best traded via camouflage (that is, by leveraging small, downtrending ABC patterns on the very lesser charts) rather than initiating with a limit order. ______ UPDATE (5:58 p.m. ET): Yesterday’s $11 plunge may be as close as Apple gets to the target shown in the chart. If sellers get second wind, however, shorts should play for a fall to exactly 507.42.
