AAPL – Apple Computer (Last:180.96)

The extravagant, 253.96 target clearly visible in the weekly chart (inset) corresponds to one that I’ve proffered this week for the E-Mini S&Ps. First things first, though, since AAPL will need to demolish p=189.07 to be rated an odds-on bet to achieve so ambitious a ‘D’ objective.  As an added precaution, and to deny Mr. Market even a small chance of fooling us, we should keep in mind this less ambitious chart, with a 204.01 target extrapolated from a lesser point ‘A’ low drawn. We need consider this number only if and when 189.07 is exceeded. The chart also allows for the possibility of a correction off last week’s high — or conceivably even the start of a bear market, since a stall has occurred at the secondary pivot (p2), a notoriously difficult impediment for bulls.