AAPL Daily Chart – April 14, 2016
Exactly 1 month ago, we shared AAPL: General Wave count and Trade Idea, and discussed its potential upside targets and its completed corrective cycle.
In the above chart, we see that AAPL has continued with its bullish upward channel and has a clear 5 waves up structure from the low. Ideally, APPL should top its wave 5 in the upper-bound of the channel, around $117-$120.
Price should not go near or break below $107.50 in order for this bullish structure to complete its target. In case $107.50 is broken before upside target is met then APPL might have topped and we will look for an a-b-c move down to complete wave ii.
Since the trend is a strong bullish one then intraday swing trades are recommended on the long side with major stop-loss 107.70/50 and take profits around the upper-bound of the channel.