Analyst who called Apple fall: More losses ahead

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People in an Apple Store in Chongqing, China.
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R.F. Lafferty & Co's Rick Bensignor, who successfully told clients to sell Apple two weeks ago, said there could be more losses ahead.

Apple shares have gyrated wildly since the summer. The stock plunged more than 20 percent from its July highs to August lows on worries about the macro economic slowdown in China. Nearly a quarter of Apple's sales are in Greater China.

The company's shares then rallied into and after Apple's solid earnings report on Oct. 27.

However, the stock is off 5 percent in the past week on negative data points from Apple's supply chain and concerns over iPhone 6S sales.

For those who listened to Bensignor's original sell call, the analyst said to cover that trade. But the declines are likely not over.

His chart below tells the story.

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