Eye on Apple - Market Analysis for May 19th, 2011

For you Apple (AAPL) devotees, and I consider myself among the faithful, my near-term work argues that the correction of the late-April upleg from 320.16 to 360.90 ended (finally) on Tuesday at 330.75.

Since that low, a new upleg has started that likely completed its initial upmove this morning at 342.40. If my work is accurate, then AAPL has entered a correction of the upmove from 330.75 to 342.40, and could press next into the 335-332.50 area in the hours ahead.

Only a decline that breaks 330.75 will invalidate my current outlook, and will point AAPL towards a full-fledged revisit of the April 18 low at 320.16.