AAPL waltzed past the 161.48 midpoint resistance shown with such ease on Tuesday that there should be little doubt about whether it will reach the 168.33 target. This is slightly higher than the one at 168.05 given here earlier, but the new one looks to be more accurate and reliable. A pullback to the green line would trip a ‘mechanical’ buy signal, but so would one to the red line once it has been exceeded for a few bars by at least $1.00 or so. You could also use this pattern to set up a camouflage entry, possibly overnight: A=159.46 (8/14 at 3:30 p.m.); tentative B=162.20. Bears should take note, since the foregoing implies that the Nasdaq and S&P 500 will be moving higher as well as AAPL makes its way toward a potentially important target.________ UPDATE (Aug 16, 5:39): Let me make this perfectly clear: The 168.33 target (168.46 on the weekly chart) is so very compelling that I would be surprised if the top we are expecting to occur at that price did not turn out to be a very major one. I can offer no ironclad guarantee that it will be reached, but if and when it is, we should be prepared to get short there aggressively. In my estimation, there is almost no chance that a rally could blow past the target — at least not without a very significant correction first.
