The action in Apple (AAPL) from Tuesday's all-time high at 321.30 into yesterday's low at 313.55 -- followed by today's probe of 314.25, prior to the current climb to 317.50-318.00 -- has the look and the feel either of a sideways, high-level, bullish congestion area, or a completed minor correction within a still-dominant upleg off of the Oct 29 pivot low at 300.87.

Both of these scenarios project another upleg into new high territory that points to a target zone of 329-331. Only a break beneath yesterday's low at 313.55 will compromise the immediacy of the timing of an anticipated upside thrust.

AAPL will have to violate 300 to significantly weaken its August-November uptrend.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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