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Strategies & Market Trends : Classic TA Workplace

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From: Henry J Costanzo	2/9/2008 3:33:20 PM
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AAPL...Recent decline difficult to analyze...I recently posted lower targets, but there could be indications here that the decline is substantially completed.. RSI failed to confirm the latest low...holding at its previous 21 low...and although it has not made a higher high, the DT line from the Dec high may be in the process of breaking... My last post measured the move implied by the bearish pennant break last week and came out in the mid 90s..An earlier pennant break in January implied a target of 142.72, bit that was FAR exceeded, the stock falling to the mid 120s.. The large gap down in mid-Jan does not appear to be a measuring gap...Neither does it appear to be an initial breakaway gap, however...If we were to assume that it is in fact a measuring gap, then the measured target would be about 120...roughly the level we've now reached..raising, as indicated, the question whether the current decline has run its course.. One point of interest is the advance on Fri back to the DT line from mid-Jan...A break of this line would tend to confirm that an advance is underway...possibly back to R from the longer DT line out of Dec and/or the 200dMA...140/150 roughly..

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