AAPL – Apple Computer (Last:161.08)

AAPL’s steep run-up last week slightly exceeded the 160.48 target we’d been using since the stock was trading around 146. The 54-cent overshoot amounted to just three-tenths of a percentage point, but that’s sufficient in this case to put p2=163.87 in play as a minimum upside target. Just to be sure, we’ll stipulate that the stock close for a second consecutive day above 160.48. An easy penetration of p2 would imply still more upside to D=172.40. Mechanical levels will be in play for trade set-ups if the stock moves higher, although odds of a pullback sufficient to trigger a trade are not favorable. That implies we may need to zoom down to the 5-  or 15-minute chart to get it done. _______ UPDATE (Nov 22, 10:25 a.m.): With this morning’s powerful, wholly fabricated short-squeeze, AAPL has effortlessly and with no actual work added yet more hundreds of billions of dollars to the global store of inflation-based ‘wealth’.  The stock is headed to 172.40 now, a Hidden Pivot with the potential to challenge a bull market that has become a runaway hoax. _______ UPDATE (Nov 22, 10:07 p.m.): A subscribers asked in the chat room whether today’s vicious, 100% rigged reversal has negated the 172.40 target. My response:  Only a dip beneath C=138.27 would invalidate the target. Judging from the way the uptrend spiked through both p and p2, I am not even slightly spooked by today’s bull trap. The stock will have to build a new base, but I am surely not writing off the 172.40 target. This matters, because, as AAPL goes, so goes the stock market and planet earth, economically speaking.