Apple - A important top is most likely in place

It looks like a nice five wave up move. Apple has been one of the leaders, but it seems that we have come to the end.

The rally in Apple (AAPL) since January 2009 is a nice five wave rally too ending wave 5 up since 1998. If this count is the right one then we should soon see a major bear market take over. The target would be 108 and maybe even the 80-86 area.

As can be seen the Orthodox top was found at 272.46 in late April and we have seen the first two waves of an irregular correction. Wave C should take us down to at least 200 and a break below here will call for a much deeper decline.

Remember my post from April 7 - 2010 regarding Apple possibly forewarning a top. Looking back S&P 500 made its top on April 26 and with Steve Jobs on the cover of Time magazine Apple could be just four months from it's major high. The cover page indicator seems to have worked again.