Chart of the day

Apple is testing the most important support 174. If this support holds we will still be in an upside fifth wave of the recent upside five.

This is still viewed as the fourth wave pullback of the recent five upside waves and ABC pullback lower. If we get a confirmed break below 174 an upside reversal can be invalidated and we could see a downside reversal or a deeper pullback to164.

Long trade, you can open here with the stops below 172. We favor the long trade entries as we expect an upside extension from this vital support for a swing higher into 200.