AAPL – Apple Computer (Last:179.68)

A 10% fall over the last seven  days has generated some bearish impulse legs on the lesser charts without doing much damage to the much larger uptrend begun on January 3. Even so, because Apple has nothing new in the pipeline as profitable as iPhone sales, which have been weakening, we’ll want to make sure that bulls prove their case each step of the way before we buy into it. For now, that would mean a thrust exceeding the green line (click in inset). It would trip a theoretical buy signal for a shot at 233.50, but more immediately to the 208.14 midpoint pivot of the pattern. Keep in mind that neither of these Hidden Pivots nor their targets will even exist until AAPL reaches 200.45. _______ UPDATE (May 13, 11:16 a.m. ET): AAPL’s plunge today has put a 179.48 target in play. Judging from the way sellers crushed the midpoint Hidden Pivot at 189.02, I’d rate the target an 80% bet to be reached._______ UPDATE (May 14, 4:11 p.m.): A small rally has changed nothing. Set an alert at 198.56, since that’s where it would become technically meaningful. ______ UPDATE (May 19, 10:29 p.m.): DaBoyz are having trouble propping up the stock. If it slips below 185.54, use D=178.61 as a minimum downside target. Here’s the chart. _______ UPDATE (May 23, 11:41 p.m.): AAPL fell to our 178.31 target as expected, then struggled for the rest of the session to hold above it. Next stop on the way down: 175.48. (30-min, A= 201.68 on 5/9).