AAPL $128.53: Potentially forms a 2-month rising wedge

AAPL reached a new record high at 134.54 (April 28, 2015). Subsequent easing suggests 134.54 could be a swing high, allowing a 2-month rising wedge to form on the daily chart. The support lies at 125.50, the rising wedge support, which should hold the corrective dip. However, failure to hold the 125.50 area would confirm a breakdown of the rising wedge, projecting the downswing towards 113.53 (wedge target). Back above 131.59 (April 29, 2015 high) should delay bears and reopen the 134.54 peak for a retest.

Outlook:
Short term: bearish
Long term: bullish