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Read More : Microsoft at 52-week High: What’s the Fuss?

Apparently, someone forgot to tell the market that Microsoft Corporation (NASDAQ/MSFT) was a dead investment and not worth buying.

Following a lackluster launch of its “Surface” tablet and “Windows 8” operating system, Microsoft quietly moved to a new 52-week high of $32.84 last Thursday.

Click here to visit : Momentum Is Great—If You Are on the Right End

Apple Inc. (NASDAQ/AAPL) finally broke below $400.00 last Thursday, an occurrence that I recently discussed in Investment Contrarians. As I said, the short term will generate volatility for the stock, but I continue to believe there is still hope the company can turn around going forward.

With capital shifting into the perceived safety of blue chips and large-cap stocks, small-caps and technology stocks have been declining on the charts.Given the advance so far this year in the equities market, it’s understandable to expect some hesitancy.

Last analysis expected price to move lower with an increase in momentum. This is not what has happened. Price moved higher past the first invalidation point on the hourly chart, but has remained below the second invalidation point and within the parallel channel on the daily chart.

The wave count is mostly the same. I am still expecting that an increase in downwards momentum with new lows is likely over the next few days for Apple.

Click on the charts below to enlarge.

The last three days has seen a small degree correction begin. Price has remained well below the invalidation point on the hourly chart and within the parallel channel also. This wave count is unfolding as expected.

Click on the charts below to enlarge.

AAPL Elliott Wave Chart 2013

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