AAPL Follow Up

Here's the last Analysis on AAPL from last week-looking for strength to short into.

Here we are now. A lot will depend on the market's stance as of the close today, but the opportunity to short into strength I talked about on the 9th is here.

Here's the daily chart, AAPL broke down from a bearish ascending wedge. What we have seen since is the typical volatility associated with market tops.

The hourly chart shows the negative character of distribution in AAPL at the wedge top and the rebound bounce.

On the less influential 5 min chart we have several days of accumulation, starting the day I posted the last update last week-you can see price's reaction to the accumulation cycle.

This morning AAPL showed a negative divergence into the highs and since has formed a bullish descending wedge, implying AAPL will move back up towards $356, this would be an obvious area to start a short position. I'm not sure how fast it will move up and if we get another few days of price appreciation based on the length of the accumulation cycle, but we want to watch for a signal candle to break down before shorting this heavily.