Apple short-term decline

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Is Apple             stock starting to drift downward ? Candlstick analysis say yes, at least in the short-term:

The three Budha Top formation( an analogy of the western Head and Shoulders pattern) that started developing in February is a key warning sign of a waning mommentum. All three tops of the formation developed bearish patterns: the first was a Bearish Harami, the central signaled a top via a strong Bearish Engulfing formation and the third one concludes the pattern with a Tweezer Top .
Note that the pattern was retested unsuccesfully in July´s earnings report day as the price didn´t hold and dropped in a Window only to increase the significance of the medium-term top structure.
As the bears gapped below the 130 level, the short-term trend turned down to where we stand now.
From 12 August on it´s tried ( fruitless) to rebounce through what was supposed to be a Piercing Pattern that later ended in a variation of an Advance Block Pattern which is a bearish continuation construction.
The short target counted from the broken neck is approximately at the 110,00$ price level as the hight of the H&S pattern is roughly 12 points ( 122-12=110). Stoploss at 122.

Good trades!

Vasile Lupu
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