Chart of the day

AAPL has been rejected from 197 which is now a strong upside resistance and we must see a confirmed break above this level to invalidate the reversal lower and a deeper pullback to 180.

A rejection here will confirm the upside five waves finished especially in the case of a break below 165. We need to see a clear confirmed break below 165 for the short trade swing entry medium-term to be justified and to confirm that we have seen the five waves upside finished but a deeper pullback here seems unavoidable.

Short trades could be opened with a stop loss loss above 197. Long trades should be opened only upon a confirmed break above 197. This can be traded with options as well.