Apple is due for a correction, don't 'expect carnage,' says analyst


Apple is due for a correction, but investors "shouldn't expect carnage," technical analyst Tom McClellan told CNBC on Wednesday.

The tech giant's shares have been tracking the Nasdaq's record highs — a good sign, according to McClellan.

"When you see a disagreement between [Apple and the Nasdaq], you should look at what Apple's chart is saying," he said.

"If there were a lower high in Apple and a higher high in the [Nasdaq 100], that's a big sign of trouble. We're not seeing that right now," he said.

Still, investors are concerned about what a correction means for the Nasdaq since Apple is about 4 percent of the index, the editor of The McClellan Market Report said. For now, all signs point to an ordinary "garden variety" correction.

"We're not seeing the sort of warning from Apple ... that would tell us big trouble was coming," he said.