“Once we hit our bottoming target, I noted in our Trading Room that ‘truth be told, I would love to see it retrace as high as the $580′s,’” Avi Gilburt writes for MarketWatch. ” Many either snickered or just didn’t believe it. Well, today, we have hit the top region of my target on after hitting our target lows.”

“So, the question that still is open in my mind is if we will double bottom with a 5th wave down, or if we are completing a 5-wave move off those lows,” Gilburt writes. “Under both those scenarios, it is quite reasonable to believe that we will likely see a drop back down in the stock beginning in the near term. Depending upon how high AAPL goes now, and it is still possible for it to extend to the $606-$620 region, it will likely drop back down toward at least the $553-$565 region.”

Gilburt writes, “However, it is still equally possible that we can drop back down as low as the $515/17 region once more before we begin the bigger rally.”

Read more in the full article here.

[Thanks to MacDailyNews Readers "Fred Mertz" and "Joe Architect" for the heads up.]