Institutional investors’ habit of accumulating Apple shares without ever selling is so deeply ingrained that we should look for a buying opportunity ourselves when this correction has run its course. The most logical price for that to occur would be at the 619.83 target of the pattern shown. Accordingly, I’ll recommend buying a single October 640 call if and when the stock get within 20 cents of the target. Stop yourself out if the option trades for $1 less than you paid. Our goal will be to leg on a riskless butterfly spread if the stock bounces from the target as we might expect.
