Apple has been following the trading plan very well since the last release in June. The high has been worked off and now the first sell-off of wave A could be completed by reaching the 38.2% return and reaching the 50 EMA (monthly) and 200 SMA (weekly). Therefore, I get off with 50% of my short position and pull the SL to $ 200 and depending on the market reaction in the coming days to 3 weeks, if necessary, also sell the other 50% of the short position. Thumbs up if you like it and follow me if you have earned money.
Hey Stefan, looking at your chart the MACD is still clearly pointed down, RSI at right at 50, and the monthly is showing a series of angry red candles down with no reversal pattern. Expecting a B-wave bounce here is like looking to catch a falling knife... The IV wave bottom around 95 might be a better spot to expect the end of the A-wave down. I wonder if the Fibonacci line spread should start all the way from the bottom of the advance to the top to give different turning point locations?..