December 04, 2012 at 00:00 AM EST
Has AAPL Completed its Recovery Rally?
Apple Inc. (AAPL) followed a bearish technical script, plunging in the aftermath of yesterday’s marginal new recovery high at 594.59, which now looks like a bull trap high that concluded the recovery rally from 505.75 to 594.59. If that proves to be the case, then AAPL has just started its trek low towards a revisit and retest of support at 530 at a minimum, and possibly to new intermediate-term corrective lows beneath 500.00. For now, if and when violated, this should trigger downside acceleration to 555-550 very quickly.
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