APPLE UPDATE: DAILY,WEEKLY AND MONTHLY TECHNICAL ANALYSIS

Let’s begin from daily chart.

As you can see, after significant gap down that in one day led Apple down by 10%,

it soon arrived in important area 435(38.2 of fibo of the entire bullish movement)-445, where it crossed long term bullish trend line.

It seemed evident how it was working for two weeks with these very important levels,

which if broken in downward direction may trigger another violent sell-off, even if at the moment

a pullback to the 485-500 seems more probable. In any case it should be noted that up to when the wide area between the 525-550 will maintain prices,

no possibility of putting an end to the bearish pressure must be taken into consideration.

Now let’s look at weekly and monthly charts.

These charts let us also see how the sell signal (predicted by huge bearish divergences in September 2012) came

with the breakdown of 600 usd, perfectly pullbacked after testing the 500.

Even here you can see how the tested levels are important, but also how the potential of downside can

be deep in case these levels are broken.

There would not be anything important under it till the 275-325 (61.8 of

fibo of the latest bullish movement, static supports, ema 100 monthly), with

intermediate levels set on well-known 360-390, which should be good

only to dispose of short-term excesses, possibly making a pullback on

trend sold.

The maximum bearish extension, in my opinion, I would place

on the wide area 175-225 (where a lot of important trendline pass, including the maximum of

2007), which would be without doubt an extraordinary level (if it arrives here, it will be only with spike, in my opinion)

to consider the bubble fully absorbed. But to achieve these levels, there should be a net and

definite drop in quotations of the American indexes, of which there is no even a shadow at the moment.

I'd start to give credibility to this scenario with a breakdown of 2650-2675

of NASDAQ 100, but only a break of 2450-2500 would convince me that

this possibility can be materialized at all.

But let's go step by step, for the moment, the trend is still there to act as a support,

so there is no reason to look beyond. To monitor possible bearish cross of

ema 25 weekly to 65, even better if confirmed by 100.