Apple’s (AAPL) sales for the third quarter missed estimates due to weakness in European economy and a pause in iPhone sales ahead of the release of a new version. Following the dissapointing third-quarter financial results, AAPL has dropped to $570 after the announcement. As depicted in the chart, AAPL is right on its longer term support. The rise from $522.18 to $620 does not look impulsive. This move could very well be an X wave. This corrective pattern will end with another downward movement towards $500-450. The first sign would be the break of the support lines (gann fan and pitchfork). This could coincide with our bearish views on S&P. Concluding our view is that $567-570 level should hold if AAPL is to move higher both in short and intermediate term. This price level can also be a reverse point for ones' position as it can accelerate pressures towards $550-520.
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