Forget AAPL at $700. AAPL is at $420 now, is AAPL undervalued now? the answer is yes.
Can AAPL go even lower? yes. Where is the absolute bottom? no one knows.
Is it good enough to buy at current level? Absolutely.
The logic plan is: divide the money left into 3
Buy 1 now.
if it goes down another 10%, buy another 1;
if it goes down 20%($340)(it will not happen if the whole market doesn't crash), buy another 2.
Then you are done. Close the book. Check back in one year.
I also made mistake betting something would come out in annual meeting, and made mistake again to bet the company would do something after the stock broke $435 bottom.
The good thing is that I was buying gradually and thus I have more cash available than what I was already in.
To be safe, I would still buy gradually when it goes down and stop buying when it goes up.