It has to go to 350. This is not the same AAPL, more competition and more margin pressure. Given current state of smart phones and what is ahead p/e does not matter. What is important is at what price do you want to sell and smart money want to sell at these levels so it has to go down much lower. I would buy below 350 so I can sell over 440.
It does not "have" to go to 350. People still holding should stay calm and watch where share price settles over the next week or so. I started nibbling at $450 and will continue as (if) it continues lower. Momentum often overshoots on both the upside and the downside.
Ex-dividend date is early February. AAPL is low enough now that the dividend may attract people who recognize that this fabulous brand has many incredible products and years ahead. Learn a lesson if you were not diversified.
Listening to people like Cramer telling you that "everyone should own some Apple," and "if you don't own Apple, you should buy some here," when the shares were at an all time high and everyone was talking about Apple--well, that was a mistake, folks. Not paying attention to valuation is always a mistake. If you are playing the momentum game, you better know the rules.
Tech tends to peak in late February as I recall. Don't sell your shares at the low for the year. Look at some charts and take some time to make up your own mind.