AAPLE Update: Entered the target box today

As the title states, we entered the target box today. Structurally this thing could be considered complete, but I feel it has a little more to raise before starting our next trek down for wave c. Ideally, I want to see us hit the low $190 area but with how low mini-B went I don't know if we will make it that high or not. This could easily turn out to be a flat ABC. Until we top in b I can't really give targets for c yet. I suspect that the next move down should take us to the $170 rea at a minimum. Again, without a complete wave b I cannot say for certain.

We have neg divergence on the micros but have yet to get it on the larger timeframes. This is part of the reason I feel we have a little higher to go yet before falling again. If we can get to the $190 area, I will most likely buy a couple puts for the drop down. Nothing too crazy as I don't like entering a big position in any one stock. If I do so my strike would be around the $170 area. Hopefully tomorrow we can hit that high, even though I'm not a fan of buying options on a Friday. You just start out behind when you do that. Good luck everyone!

Comment:

We're coming up on the 0.618 retracement. When it hits that fib I will start with 1-2 puts.