With that out of the way, we can talk about Apple wedges. But wait. You're probably thinking that since I'm so down on technical analysis, then I must favor fundamental analysis, right? Wrong! I'll have loads to say in future posts about the charlatans (a.k.a. analysts) that work for evil brokers. Fundamentalists are no better or worse than Oscar Carboni, or John Murphy, or Jesse Livermore, who have made and lost fortunes several times over. With that off my chest, let's get to Apple and it's falling price, and where I think it's going. First I want to dispel the myth that Apple's stock is a reflection of a sinking company. It's not. Apple is strong, one of the best, if not the best managed company on the planet. It's just that the Apple faithful, the Loonians enraptured by the Steve Jobs philosophy ( I, among them), people permanently caught in his reality distortion field, think there's some kind of big money conspiracy, a massive manipulation that controls price, that evil corporate mongers are intent on knocking down the best representative of what a corporate giant could be. So, why is Apple stock down, and where is it going, and what's all this about head and shoulders, Elliott waves, and descending wedges? Apple's stock price is down, because the overall market perceives the current price to be a fair value for the company given the plethora of news, or lack there of, the perceived performance, the conglomeration of observations made by analysts with a stage, and the press that love to speculate on the fate of such a fateful company. The price is the truth, as it is perceived today. Tomorrow's price will be the truth as it will be perceived tomorrow. The descending wedge I referred to in the title of this article, is a well known pattern in technical analysis, that means price is slowly converging to a point, where the market can agree represents a fair value for the stock. Well, Apple stock price recently tried to exit that wedge, but it fell right back in, indicating a false bottom or break away from the wedge. So, price the mob isn't yet satisfied with the current price. Price is the truth, you can deny it all you want, but the market is comprised of millions of people and corporations, who collectively think with a single mind.