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Apple Inc. Reaches July's Target; Dow Hints at Intermediate Trend Change


The anticipated intermediate trend change may have begun a few points short of the final target zone.


The NYSE Composite (INDEXDJX:NYA) has reached its downside breakdown target -- and has now broken down from a second potential head and shoulders. Bulls need to reclaim the 9500 zone.

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Apple (NASDAQ:AAPL) has now reached my preferred count target zone from July 8 of 510-530. There's probably more upside left, but I took some profit at 510 (since that's how I trade when my targets are reached) and have choked-up stops on my remaining positions.

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Below is a chart showing why Apple bulls should avoid complacency here.

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In conclusion, the market is now three-fifths of the way toward confirming an intermediate trend change. The overlap in INDU has confirmed that this is a higher-degree correction (in other words, it's not part of the last rally), and that does suggest the anticipated intermediate trend change has most likely begun. Trade safe.

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No positions in stocks mentioned.
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