Chart of the day

AAPL briefly broke above 195 but is reversing lower today as we do not have a breakout confirmation. To extend higher, we must see a confirmed break above 196 to confirm that we will have the fifth upside wave extension even higher to 210.

A rejection here does not invalidate the fifth wave it just means we will have a swing pullback. We need to see a clear confirmed break below 183 for the short trade swing entry medium-term to be justified. Until we see a confirmed break above 196, we will be in a swing range and can only trade swing short and I expect a pullback here, especially in the case of a short-term break below 193

Short trades could be opened here with a stop just above 196. Long trades should be opened only upon a confirmed break above 196 and stops taken out. The instrument is making a key resistance test and this can be traded with the options as well.