“What we are experiencing right now in the major indices is a massive third wave breakout in its very early stages. The interesting thing is that Apple normally leads the way in such market-wide events, but this time it’s a lagger,” Varitimos writes. “It appears now that the pullback that has shook the Apple faithful, is actually a massive two wave. And looks like it may have bottomed, or come very close to bottoming. Upon closer scrutiny, the pullback off the all-time high of 705 has formed a classic ABC corrective wave. Normally the A wave equals the C wave, but in this case the C wave has truncated, turning up just short of the ideal formation.”
Varitimos writes, “The timing of this move is not determinate, but advances usually move slower than declines, so we expect the call to be realized by the end of 2014.”
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MacDailyNews Take: iCal’ed.