Chart of the day

AAPL is testing the strong upside consolidation resistance 194. To extend higher, we must see a confirmed break above 194 to confirm that we will have the fifth upside wave extension to target 210.

A rejection here does not invalidate the fifth wave it just means we could have one more swing down to 170. We need to see a clear confirmed break below 181 for the upside fifth wave to be confirmed as finished and for the short trade entry medium-term to be justified. Until we see a break above 194, we will be in a swing range and can only trade swing short or long.

Short trades could be opened here with a stop just above 194. Long trades should be opened only upon a break above 194 and stops taken out. The instrument is making a key consolidation ahead of the directional trade.