It’s time to raise our sights, since AAPL has blown out of a consolidation pattern that took more than two weeks to create. My new rally target is 162.09, a Hidden Pivot resistance that will become an odds-on bet once AAPL has surpassed the midpoint pivot at 155.90 by perhaps $1.50 or closed above it for two consecutive days. This looks like such an easy romp that it’s difficult to imagine the rest of the FAANG stocks, as well as the Nasdaq, failing to rise over the 5-7 days it will require for AAPL (and AMZN; see my tout elsewhere on this page) to reach its target. A ‘mechanical’ bid at the red line is recommended provided the retracement to it on the hourly chart meets our criteria for this type of trade. The stop-loss would be at 153.83. _______ UPDATE (Jun 5, 7:36 p.m. EDT): There’s no change in my forecast, but here’s a link to a terrific hatchet job on Apple written by The Venture Company’s Georges van Hoegaerden. I’ve been dissing Apple (and its cult of buyers) for years, but never as well as this article. _______UPDATE (Jun 6, 5:15 p.m.): AAPL trapped bulls with a feint late in the day that came within nine cents of the 155.90 pivot flagged above; then it receded swiftly to close with a fractional gain. As noted above, the stock must push decisively above 155.90 before it could become an odds-on bet to reach 162.09. _______ UPDATE (Jun 7, 6:30 p.m.): AAPL’s opening-bar head-fake to 155.98 doesn’t qualify as a decisive push above the 155.90 threshold noted above. The stock looked ready to push higher at the close, but we’ll let it tell us where to next.