Apple is streaking toward a 447.02 target that can be used by long-term bulls to lay out option hedges, perhaps in the form of covered writes. We may also try to leg into some bearish butterfly spreads if and when the target is closely approached. One further possibility would entail initiating longs using ‘camouflage’ on a pullback to the 400.02 Hidden Pivot midpoint of the pattern. ______ UPDATE (September 26): We’ll keep this trade in mind even though the stock is no longer “streaking” toward the target, but inching. _______ UPDATE (October 2): We’ll try another time.
