(Note from Tim: until AAPL falls, the bears are going to be banging their heads against the wall. It's as simple as that. Oh, by the way, Zuck is richer than Jobs now. How about that?)
With Apple (AAPL) at $292 or so, many are wondering how much higher it can go from here. Purely from a technical perspective, both the measured upmove off of the July-Sep base formation and the Aug-Sep bullish price channel point to 295.00, with overshoot to 298.00-300.00.
Can Apple climb still higher? Sure it can, but the technical work is warning us that we have reasons to suspect that the next 1% to 3% will represent the final upticks of the current advance prior to a meaningful correction.
Originally published on MPTrader.com.