AAPL Correction Appears to be Ending - The Apple Inc. (AAPL) pattern off of its 509.44 high looks like it “needs” one more new low beneath 464.81 prior to completion.
That said, my work also indicates that the forthcoming marginal new low also will end the large-corrective process off of the Aug 19 high at 513.7, and will, if my work is reasonably accurate, initiate a new recovery upleg to the 550 area.
If such a scenario unfolds, what might that be anticipating or inferring about forthcoming initial sales of the new iPhone 5 series?
I suspect a strong rally off of the 463-458 area will suggest that The Street is underestimating AAPL’s ability to “get paid” top dollar for its brand, its luxury goods, because of the panache of owning an AAPL product here and abroad.
Unless AAPL closes beneath 453.50, my work argues for owning it “down here."