- Starting with the (not shown), I see the trend just starting to head South, into a movement.
- Looking at on the monthly chart shows that we have reached the peak of the channel we've been following for the last 5-6 years.
- Based on similar peaks in the channel, the correction has been roughly a $45 move over an 11 month period
- Based on the angle of the correction line, the average number of bars, the average price movement and the bottom of the regression channel, that puts our price target at $134 by January 2019
- First, I'm a long term believer in AAPL and their products. I certainly don't think this is the top for them, and that they will eventually turn around and go much higher
- The $134 PT is just a target. I don't truly believe we will hit that mark. What I do think is that we will follow this path until something changes, and I will plan my trades accordingly
- I don't think it will take a straight path down. I believe there will be scalp and swing opportunities along the way.
- I will play some long positions on smaller timeframes, but with very tight stops, while most of my plans will be for short positions.
- This is suppression from outside forces and AAPL is still very strong as a company. When that suppression is relieved, I believe MMs will get back in very quickly, so always have some dry powder on hand
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- Back above $166 for now, so I'm viewing this as a retracement before further upward movement at this point.
- I'll watch daily and hourly charts for indications of direction for longer plays
- Taking scalp opportunities intraday (5 and 15min charts) as they present. Grabbed a couple of nice CALL scalps at open already.