Near-Term Topping for Apple
Mid-Day Minute for Wed January 25th 2012
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Apple (AAPL) satisfied my preferred pattern action in reaction to earnings by thrusting above its 3-year upper channel boundary lines at 460-65. But thereafter it failed to hold above the top of the channel.
This argues strongly that AAPL has put in a near-term spike peak ahead of a near-term topping process that will be followed by a correction into the low 400 target zone.
