The AAPL doesn't fall far from the tree...

In yesterday's AAPL update I provided a model showing that the wave count had peaked and that selling should be expected PDQ and in fact "as early as tomorrow".   With AAPL down more than 4% already this morning, it looks like my wave count was correct...

Today the headlines blame the selloff on the recent hacking of some celeb iphones on the reason for the stock sell off.  But the hacking happened before today so why the delayed reaction?  The natural reaction is for the herd to try to tie daily news to market moves when in fact the properly interpreted wave chart predicts in advance how the mood of the herd will react to any given news. This hacking news, had it occurred months before, would have been shaken off.  But today the herd treats the news as if AAPL is the only one who ever got hacked.  The truth is that the mood of the herd had peaked and it was ready to take any news as badly as possible.

Soon the chart should break both of the support lines shown in the chart above and then the real selling will start.  There will be claims of the selling being "overdone" when in fact nobody complained about the real issue which is that margin based BUYING of the shares is what was overdone.  I'm looking for signs of panic to begin in the markets anytime now.