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By Jeff Pierce

Falling bullish wedge where this week we made multi-month lows, essentially shaking out the weak hands. I think we could bounce up to the $540 level before rolling back over and starting a next leg down. It's an upside down world where you have RIMM massively outperforming the markets and AAPL being a dog, but that's the world we're in right now and until we have a scary capitulation type sell off, I don't think Apple's going to make much headway to the upside.

Below is A monthly chart that points out where I see Apple heading to before this current sell off is over.

aapl

 

aapl.monthly

 

Jeff Pierce is a momentum trader who specializes in market timing. 

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Markets Trading Ideas

 

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