My intraday pattern work in Apple (AAPL) argues that the correction of this morning's high at 266.47 is nearing completion ahead of a resumption of strength that should make its way back towards the 260 and then the 266 intraday target zones.

In my webinar yesterday, I noted the importance of the 263 level, the high of recent recovery rallies in AAPL. I noted that if AAPL consolidates at 256 to 259-60 and then takes off and takes that out 263, then AAPL will look like it made a significant low after correcting from almost 280 to 240.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.