How High Will Apple Retrace?

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Part of the current NASDAQ strength is from Apple clawing its way off its devastating drop, and Ive already seen a lot of chatter about what a fantastic bargain it is at these prices. I recognize that with a P/E of merely 10 it seems like a great steal, but as a chartist, my view is that it's going to get no higher than about $504 (in order to not only fill its gap but also cause a sigh of relief that there's a "5" as the leading digit on the price) before it swoons to new lows for the year.

0208-AAPL

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