Updating the Apple daily chart, below, the main issue I see is that the inverse head and shoulders bullish setup (highlighted on chart) is very likely widely-watched. If a technical chart pattern is becoming ubiquitous I am also a bit reticent to jump on board with the thesis.
That may not mean Apple rolls over for another leg lower, but it does mean to consider other scenarios where the majority playing for the simple pattern becomes frustrated. One scenario where that might occur would be a breakout above the “neckline” of the pattern at roughly $466, followed by a sharp reversal lower for more consolidation.
Of course, the bearish interpretation here is that Apple is merely forming a large and sloppy bear flagg-type pattern within the context of an established downtrend dating back to September 2012, inevitably breaking lower yet.
But perhaps the one scenario with a minority view right now for this stock is that it remains in a $380-$460 range for the foreseeable future.
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I’ll take it one step further and say that the fact that’s it’s “too obvious” is too obvious….I mean, every bottoming pattern is AAPL is obvious because ut’s the most watched stock ever
Fair