AAPL - Bullish Inverted H&S Pattern

I first wrote a post on this developing pattern on April 9th when we had the left shoulder and head formation. It took three weeks, but as you can see from the chart above, we now have our right shoulder in place and the inverted H&S pattern is really taking shape.

Here is a 15 min. view of the last three sessions. Notice that in this latest rally, AAPL has observed the rising 50 period MA as support on a closing basis, even during the last two bearish Nasdaq opening gaps.

I expect a bit of consolidation before the neckline break, but I won't be taking my eye off AAPL as it may surprise us with more momentum very soon.