Chart on Apple (Mike Paulenoff)

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The action in Apple (AAPL) from Tuesday's all-time high at 321.30 into yesterday's low at 313.55 — followed by today's probe of 314.25, prior to the current climb to 317.50-318.00 — has the look and the feel either of a sideways, high-level, bullish congestion area, or a completed minor correction within a still-dominant upleg off of the Oct 29 pivot low at 300.87.

Both of these scenarios project another upleg into new high territory that points to a target zone of 329-331. Only a break beneath yesterday's low at 313.55 will compromise the immediacy of the timing of an anticipated upside thrust.AAPL will have to violate 300 to significantly weaken its August-November uptrend.

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Originally published on MPTrader.com.