ChArtWorks_TechnicalArts

Apple Bearish Butterfly

NASDAQ:AAPL   Apple Inc
Good evening,

Apple has been in a very very long term uptrend and we are getting severely overbought. We are also approaching areas of probable price reversal between the 1.414 and 1.618 fib extension.

Entry is between $271.34 and at the safest potential entry at the 1.618 at $290.00 flat for a short.
Stop is dependent on the entry, but with a $290.00 short entry, a stop would be placed for around an 8% loss ($313.00) to maintain the 1:3 risk/reward ratio. You may lower the stop if you'd like.
Exit Targets are common retrace targets and at wave B of the Bearish Butterfly at $215.31.

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