Just relax. There is no sign of a top in Apple. And after a bull market like this Apple is not going to make a V top. Holders of Apple will get plenty of warning before Apple goes south — the trendlines assure that.
We computed the stops using wave low basing points (539.18) (marked on the lower chart) and new high basing points (657.59). An enormous difference as can be seen, and both valid approaches to the issue. The lower stop is the conservative approach. We remind readers of the study we did on MSFT using weekly basing points: it showed one trade that lasted thirteen years. Even without Steve Jobs we may be into something like that with Apple.
It has always been intensely satisfying to us to watch Apple’s progress. We remember when the financial press tried to bury Apple for years. It’s been fun to watch them get egg on their faces. The present idolatry is but the swing of the pendulum from that ill-founded disrespect. And lest you think that Apple has no more rabbits in the hat remember! there is still TV to be revolutionized.
Viva Apple. (Maps and all.)