AAPL Points to Longer-Term Correction

From a longer-term technical perspective, while the Jan through Sep 2012 timeframe was extremely exciting and potentially very rewarding for Apple Inc. (AAPL) investors, my pattern and momentum work now are warning me that the "easy money" is behind us.

It may also mean that AAPL is in the early stages of a net declining period that points to the 530 area as its optimal target zone, with an "emotional downside overshoot" target zone in the vicinity of 470 to 450 in the weeks and months directly ahead.

In a nutshell, the bull market in AAPL exhibits signs of intermediate-term exhaustion that must be resolved prior to a sustainable new bull phase.

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