10 Days ago, we wrote AAPL: Still Room to Go Up! and stated that it needed a move towards $117 – $120 to complete an intermediate 5-moves up from the lows. Apparently, buyers exhausted all their power to extend wave 3 more than 262% extension (normally 162%) and wave 4 needed to correct more than 23% of wave 3 (see chart below).

Currently, we have an A-B-C structure for wave 4 and it is exactly 38% of wave 3

AAPL 4H Chart – April 25, 2016

AAPL 4H - April 25, 2016

This week, AAPL should hold its previous local low, $104.62 in order for the above scenario to play out. With earnings on Tuesday, we believe that it will be a great boost to put an end to this intermediate wave i with a push towards $115 – $117, at the upper-bound of the channel.

*All long trades following this strategy MUST have a Catastrophic Stop-Loss below $104.50.


In case price breaks down and moves towards $102 then we will re-evaluate and we might consider either wave 5 has completed or an even more bearish scenario might be playing out.
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