Apple IncShort
Complete +60% Retrace on AAPL from 182.55 to 155.32, then pivot?
Here is an approximation of the recent high and low levels derived from the plot of AAPL. A 60% retrace off of the low, to the positive, equates to 155.32+16.338 = 171.658 (estimate)
This could serve as a pivotal level for AAPL. I anticipate a high probability of a pivot to the downside, given /NQ option data - particularly the 14500 level. At the time of writing this (30JAN2021 22:27 ET), I assume that /NQ 14500 will serve as a resistance. However, do note that late last week, especially Friday afternoon, there was significant buy-side pressure after a -10% approximate drawdown was approached.
This could serve as a pivotal level for AAPL. I anticipate a high probability of a pivot to the downside, given /NQ option data - particularly the 14500 level. At the time of writing this (30JAN2021 22:27 ET), I assume that /NQ 14500 will serve as a resistance. However, do note that late last week, especially Friday afternoon, there was significant buy-side pressure after a -10% approximate drawdown was approached.
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