Still in A Downtrend Apple (AAPL)

When a stock is in a downtrend, it is considered “guilty until proven innocent” Shares of $AAPL are in a clear downtrend and picking a bottom is one of the most difficult jobs on Wall Street. There have been some great bounces in the decline from the peak just over 700 and there will be more bounces to come before we know what the ultimate bottom is. The charts below show a potential level from which a bounce could occur in the 460-465 area.

WEEKLY CHART
aaplWeek
465.60 is the 38.2% retracement of the 2009 low to the all time high and the trendline from 2009 is found ~465

DAILY CHART
AAplDay
461.22 is a 61.8% retracement of the 2011 low to the all time high

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