Shares of Apple finished down $3.80, or 3.2%, to
$114.64 in regular trading yesterday, Tuesday, meaning they have fallen more
than 14% since hitting their high of $134.54 on April 28. Given the massive
size of Apple's market value, this sell has wiped out $113 billion in paper
wealth.
From the above chart, it clearly illustrates that Stage 3
(Red Circle) Distribution Phase is probably complete; and Stage 4 Declining
Phase has started.
Stage 3 Distribution Phase probably ended with the
“Bearish Spread-Triple Bottom Formation at $120. Given this formation, the
downside “potential” price objective for AAPL is $84. Near-term support is at $98, which is the
Bullish Support Line.
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