I’ve used a rally pattern with a quirky point ‘A’ low to project a 123.51 target over the near term (see inset). The stock has struggled for two days to surpass the secondary pivot (p2) at 121.13, but because of the force with which AAPL blew past p=118.75, a continuation to at least 123.51 seems likely. I don’t foresee a ‘mechanical’ buying opportunity taking shape at p2=121.13, however, since the stock has not been pulling back to each Hidden Pivot before heading up to the next. Getting long will therefore be catch-as-catch-can, but you can use charts of 30-minute degree or less to generate a conventional entry signal. Expect a tradable pullback from 123.51, exactly. _______ UPDATE (November 3, 8:29 p.m. ET): The stock did exactly what we expected it to do, topping on Tuesday at 123.49, two cents from my target. A relatively simple and painless way to have gotten aboard would have entailed using a ‘camouflage’ entry at 121.56 about 35 minutes into the regular session. The relevant pattern is shown in the chart. A subscriber reported getting a piece of the action in the chat room. Although I have not established a tracking position as a result, if you hold any shares, keep a 123.89 target in mind, or even 125.50 if any higher. _______ UPDATE (November 4, 10:55 a.m.): With a sharp bull-trap rally on this morning’s opening bar, the stock extended its winning streak to 123.82, missing my target by seven cents. It has since retreated even more sharply, falling back to p=122.28. It is theoretically a mechanical buy there, stop 121.21, with a 125.50 price objective. However, I’d instead suggest using ‘camouflage’ to get long, since all of those trapped bulls are getting clobbered at the moment and prone to push the stock even lower as they flee it. _______ UPDATE (8:11 p.m.): We’ll back away, having extracted maximum benefit from easily targetable moves over the last several days. Traders may have noticed the weird price skews each and every day as off-hours trading begins. This is simply the ripping off of buyers or sellers who have foolishly elected to use market orders instead of limit orders.
