AAPL – Apple Computer (Last:155.91)

I could just as easily have supplied a big, bearish pattern peak to begin the week, but I settled on a more modest discouragement, since AAPL seems reluctant to fall apart. Still, rallies have been routinely failing to exceed prior peaks, and that’s reason enough to favor the bearish (i.e., corrective) case for now. The graph shows the stock to have triggered a ‘mechanical’ short last Monday with a heavily engineered lunatic leap that would have added nearly $100 billion to the U.S. economy in mere minutes. The subsequent relapse ‘should’ be able to hit p=146.23, but it’s not predictable at the moment whether further weakness will be sufficient to crush it. If AAPL’s canny sponsors seize the upper hand and run the stock up the old wazoo, look for yet another fraudulent but potent rally to 159.96 (180-min, A=.141.32 on 2/1). Otherwise, the 135.07 target shown will remain viable as a downside objective. _______ UPDATE (Mar 13, 9:03 a.m.): The smash low of AAPL’s $4.70 reversal from an overnight peak has bounced from within a nickel of the 146.23 Hidden Pivot noted above. [This occurred an hour before the regular session opened.] The stock has been there before, setting up a ‘mechanical’ short at the green line that would have required taking a partial profit (at p) this morning. Let’s see if the low holds. If not, p2=140.65 would be in play as a minimum downside objective. ______ UPDATE (Mar 16, 11:23 p.m.): The stock appear bound for 160.09, the Hidden Pivot ‘D’ target shown in this chart.