Chart of the day

AAPL is bouncing off the strong support 166. This bounce could lead to an extension higher in the fifth wave above 200 if we get a confirmed break above the falling wedge resistance of 180.

I see this still as a finish of the long-term upside five waves and the final short-term fifth wave to be in progress if we do not see a break below 164 and we see a confirmed breakout higher above 180 which is also the mentioned falling wedge resistance and a key Q4 20203 upside resistance

Long trades are favored to be opened here with the stops just below 166. I prefer the long trade. However, I would be careful if invalidation would come upon a break below 161 which will open then a short trades probability. You can trade this with options as well.