As we have commented before AAPL is being sold by three distinct groups as shown by the short entry ranges on the chart. As we approach the all-important Intraday Short 2nd target, the Swing Short Term Long is being bought and holding at this time but added will be needed to sustain an advance.
If the price can't reach the 2nd target which is only a few $s away, we can expect an increase of buyers as the some shorts will cover their positions rather than risk a pullback, and more longs will enter as they see price pull away from the long entry range. Few short sellers that are trading the Intraday Short identified on the chart will hold for more than a few $s of reversal in price. They have already made a profit of $70 so why risk it?
However, the Traders and investors who entered the LT Swing Short will doubtless continue to hold regardless of any short term reversal, and Short Term Swing Short traders will only take partial profits, if any. There will be no large-scale short covering until the LT Swing short is definitively broken.
The two Intraday Longs identified on the chart had some very nice counter-trend profits as well as had the added benefit of pinpointing where the bulls were likely to try to resume the uptrend on an intraday basis. We haven't include the Intraday Shorts that hit their targets but you can see them by the price action on the chart. They are the reaction levels that drove price down to where it is now.
This chart has a mixture of time-frame targets and we will provide an update for the 15 min chart if we have opportunity.
edit: Chart drawings not displaying correctly, again. Can anyone explain why?