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Has AAPL Put In a Bottom?

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By Mike Paulenof

 

Let’s notice that Apple Inc. (AAPL) made a new low yesterday at 418.32 that positioned the price structure beneath its most recent down-leg channel.

When the sellers saw there was no downside follow-through beneath the lower channel support line, AAPL reversed back above the lower boundary line.

AAPL has since climbed nearly across the entire channel width towards the upper channel lines, now 436-440.

As of this moment, my work argues for this recovery rally to peak right near the upper channel boundary, and thereafter for AAPL to reverse into a decline that could retest the 424-419 turn around

 

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