Apple has pulled back from the high near 200 in the fourth Elliott Wave of the upside five waves. A confirmed break above the 180 near-term resistance is required for the upside extension and a test of new highs in the coming weeks.
How to trade this?
This is an excellent opportunity to go long or trade call options with a good risk to reward and build a long trade position as the support for the upside is close to entry where your stops should be. A break above 180 will also mean that the fifth of an upside five waves is gaining momentum. You can take the long trade with the stop loss just below 170 to target 195 and possibly higher
A recent break above the long-term bullish flag consolidation line indicates that we are at the beginning of a significant turn of a sideways direction and completion of the five waves upside as you can see on the weekly chart below.
Â
Â