Apple has its iPhone 6 event next week, on Tuesday. Typically, the stock runs right into the event. However, this year there could easily have been traders who front-ran the front-runners.
This morning, we are seeing some aggressively profit-taking in the name, already having cleared the $100 level.
On the daily chart, below, you can see a rising wedge breakdown in play. While not an ideal short, I would lay off the long side until after the event.
Apple picking season may have already come and gone this fall.
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Doesn’t AAPL always take a crap before MAJOR corrections? -4.4% now… almost unreal to see AAPL doing that.