This is what I’m seeing trade wise for a swing move on AAPL’s current 3 month chart:
Long trade: Best case scenario is 114 holding. It MUST hold 114, and break above 119. Buying at this price [ms-protect-content id=”61″] at 115.72 I’d place a stop at 113.80 for protection. But for a long trade, I’d wait for 119 to break first..and buy there at the 786 breakout to play it conservatively and for patience sake. If it plays out the way this is setup, the potential reward is a move to the 140-150 range. That target came from the first wave that started at 92 and hit 116 in a first wave, a Wave 2 back to 107 and a breakout 1.00 move.
Short trade: I would short below 114.50 or 1.00 downside break, with a stop at 116.50. Reward could be a downward 3 back to previous 4 support in the 106-110 range. That would be 1.618 down in a Wave 3.
Where I’m leaning: Short side or avoid completely for now until these resistance levels are broken. [/ms-protect-content]