My intraday pattern work in Apple (AAPL) argues that the correction of this morning's high at 266.47 is nearing completion ahead of a resumption of strength that should make its way back towards the 260 and then the 266 intraday target zones.

In our Webinar yesterday, whose video clip on Apple (AAPL) is attached below, we noted the importance of the 263 level, the high of recent recovery rallies in AAPL. We noted that if AAPL consolidates at 256 to 259-60 and then takes off and takes that out 263, then AAPL will look like it made a significant low after correcting from almost 280 to 240.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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