Knight included the following chart in his piece, which includes a giant shaded head-and-shoulders pattern, an extremely bearish technical topping pattern. He sees this pattern as an indication that the risk is currently to the downside for Apple.
“I suspect that Apple is more likely to be down on Wednesday than up,” Knight wrote. “I further think that, in the months ahead, Apple is going to find itself at a place no one dare imagine: in the 70s.”
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