After seeing apple peak in April the stock has finally taken a breather and went through a six month consolidation.  After breaking above $430 it never really looked back and the stock gained 50% in a mere three months.  It looks like the stock can be entering its third wave in a long term bullish trend.  A few important points to consider:

- Fundamentally Apple is not a “high-flying” tech stock with ridiculous multiples
- Currently trading at roughly 15 P/E it is hard for anyone to justify it being anything other than cheap.