AAPL has tripped a nice-looking ‘counterintuitive’ buy signal with a push past the green line (see inset). As such, it is now no worse than an even-odds bet to get to at least p=157.57, the pattern’s midpoint Hidden Pivot resistance. Is the stock headed to new all-time highs? We’ll be better able to judge once we’ve seen how buyers fare at 157.57. As always, a decisive move through a ‘p’ resistance on the first attempt would be a reliable sign that its corresponding ‘D’ target, in this case 165.97, is likely to be achieved._______ UPDATE (Oct 4, 6:58 p.m.): The stock is having trouble generating bullish impulse legs even on the hourly chart. It’ll take a pop exceeding the 156.20 peak shown, but any rally short of that deserves no claim on our attention._______ UPDATE (Oct 9, 10:08 p.m.): The stock exceeded the 156.2o peak by 53 cents, generating a bullish impulse leg. It’s not a very impressive one, though, and the only trade I can recommend would be a ‘counterintuitive’ entry following a pullback to within a few pennies of the 152.91 low recorded on 10/4.________ UPDATE (Oct 10, 7:27 p.m.): The stock slightly penetrated the 157.57 midpoint resistance shown in the chart, but I’d like to see a two-day close above it, or a print at 159.00 or higher intraday, before I infer that a run-up to 165.97 is a good bet. _______ UPDATE (Oct 16, 11:12 p.m.): Today’s bear-trap opening left shorts badly on the ropes, shortening the odds that AAPL will eventually make it to 165.97. A push today exceeding the 160.97 ‘external’ peak recorded on Sep 15 would all but clinch it as far as I’m concerned._______ UPDATE (Oct 17, 8:18 p.m.): The jury is still out, buyers having stalled at 160.87, a dime shy of the peak noted above. _______UPDATE (Oct 19, 8:26): And now sellers have turned the hourly chart bearishly impulsive. AAPL should recoup today’s $4 loss within 2-3 days if long-term bulls are still in charge. _______ UPDATE (Oct 23, 11:16 p.m.): AAPL will need to hold above p=155.02 (click here for chart) to avoid a slide down to as low as 152.29 over the near term. Bottom-fish using camouflage only, since p coincides with a too-obvious low recorded last Thursday.
