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Is Apple Carving Out a Double Top?

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On April 10th, 2012, Apple (AAPL) left multiple sell signals: a Gilligan and Train Tracks.

A Gilligan is a gap up to a new 60 day high with a close at or near session lows.

The April highs represented a move of 8 revs of 360 degrees up (from the 2008 low) plus a 90 degree overthrow.

The decline from 644 walked down to the Master Square that tied to the 2008 low (78/79 aligns with 522 the low on May 18th).

This Master Square which vibrates off 522 and 79 is square the first week of September.
Specifically, September 3rd.

Click to enlarge

On Tuesday, AAPL left another Gilligan sell signal.
Since this occurred at the level of the April highs, it is possible that in keeping with the Principle of Tests, AAPL is carving out a double top.

While AAPL shows a recent breakouIs  above a declining trendline, yesterday’s Topping Tail came from a tag of the upper rail of an ascending channel. The reversal may define a 3rd swing to the top of the channel. Often times strong reactions occur from such patterns.

Moreover, yesterday’s high is opposite April 10th, the high for the year.

A break back below the Live Angle  on AAPL, the stock, warrants caution no matter what you believe about how great AAPL, the company, is.

POSITION:  No positions in stocks mentioned.