AAPL Breakout

As I suggested in my previous article, AAPL has rallied above strong resistance at $46 to reach new ALL-TIME HIGHS.

Check update article: http://stockoftheday.blogspot.com/2005/07/updates-on-brcm-and-aapl.html



My two possible counts include a 1) an impulse series and 2) a double zigzag.

Check original article: http://stockoftheday.blogspot.com/2005/06/aapl-bullish-still.html

Please click the link labelled "AAPL Breakout" to see the entire chart below >>>>>>>>




In both cases, the short-term target is between $50 and $52/share. In the case of the double zigzag, this would be the last wave of the series (labelled C2), which would be followed by a strong correction that could put an end to the 3 year bull market on AAPL.



In the case of the impulse series, once $52 is reached, we may have a sideways correction (wave [4]) before a final and short wave [5] is completed. Wave 5 should be smaller than wave [3] but may be larger than wave [1], perhaps not worth waiting for.




My expectation for this trade was to double my money. I am well on my way to reach that goal. If the stock price does indeed reach $50 or $52, I will have exceeded it.