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Tuesday, September 27, 2011

Apple - ready for the next leg lower

Long term picture showing, that we could have seen a major top at 422.86


Zooming in on the topping action we can see a five wave decline from 422.86 down to 391.30, followed by a three wave rally to 409.25, just below the 61.8% retracement of wave a or i down.

I do favor the impulsive count calling for a break below support at 385 soon.

Longer term we have the all important support at 353.



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