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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: IHateSourCream who wrote (129330)	2/9/2006 5:00:15 PM
From: Henry J Costanzo	Read Replies (3) \| Respond to of 209892

IH.......meant to do an update on the AAPL chart, but just didn't get around to it....... Monday's failure to hold last Friday's low was a very negative development......, and signalled more down ahead. That has taken us down to the major uptrend line ....but I still think the uptrend defined by the June and Oct lows has not yet been broken.......We are very definitely on the edge, though....Looks like today's lows just touching that UT line..and a bounce right here would be an outcome devoutly to be wished...g But until/unless we can break the small downtrend line from the high, I think we have to assume that the trend remains down.....and that the UT line will ultimately be broken. This has been a fairly sharp reaction..about 25% off the high...roughly matching the magnitude of the Feb-May reaction of last year......27%. BTW I hear tell some gurus on other threads have been talking about an H&S top made by AAPL.......FYI and FWIW........there is no way I can see that AAPL meets ANY of the requirements of a H&S top. I don't usually "do" EW on individual stocks.....but if I had to, guess I'd say decline from the high so far has traced out an a-b-c corrective pattern...with 5 of c likely launching this morning Just did a quick re-read of this note.....and appears quite disjointed.....Typing it on the run, with interruptions......Will be away tomorrow...but will look forward to reviewing over the weekend this week's action ..on a more coherent basis ..LOL