AAPL - wave 4 from 89?
Updated
AAPL looks to be on wave 4 of a 5 wave up from 89s, the last uptrend for aapl stopped right at the 168% fib extension from the wave 1-2 pattern
Coincides with SPX's possible wave 4 pullback? currently holding SPY 218 puts for Sept 2nd expiry.
Will wait to see how AAPL reacts when it gets close to the fib (102.99), which also is in the same range as the 200 and 50 SMAs.
If whole wave plays out and wave 1 = wave 5, aapl should see 115 region.
Plan: Long AAPL call options when aapl gets close to 102.99, will use SPX's levels around then to determine if pullback is over and SPX is primed for wave 5 to 2300s.
Coincides with SPX's possible wave 4 pullback? currently holding SPY 218 puts for Sept 2nd expiry.
Will wait to see how AAPL reacts when it gets close to the fib (102.99), which also is in the same range as the 200 and 50 SMAs.
If whole wave plays out and wave 1 = wave 5, aapl should see 115 region.
Plan: Long AAPL call options when aapl gets close to 102.99, will use SPX's levels around then to determine if pullback is over and SPX is primed for wave 5 to 2300s.
Note
Update: Gap fill would also be nice to see at 100.78that would give us 50% fib and gap fill and is the lowest aapl to go for this 5 count wave to be valid so wave 4 doesnt go past wave 1 top.
entry at 103
stop at 100
target 114~115
Risk:Reward > 1:3
Note
going for gap fill at 106.7 maybe, might be a good short point from there down to 103 or 100s. SPY is also having a nice bounce/retrace.will consider shorting at 106.7 for 103 puts next week
Note
20 EMA holding strong.. but as Gann said.. no such thing as quadruple top, next test should break that 106.5 resistanceNote
hm so gap did fill but I was out getting lunch so i didnt get to enter my putmight be a good thing considering how AAPL has news next week (Sept 7) , will wait to see what happens after that for IV to die down
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