Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

AAPL: Ripe For A Wave 4 Retracement

|Includes:Apple Inc. (AAPL)

I love my iPhone, but AAPL is making new highs against a divergence in it's Elliott Oscillator making it ripe for a Wave 4 retracement. In this case, the divergence appears on AAPL's weekly chart and the target zone for a completed Wave 4 is $550-600. I am monitoring the Daily Trend Models for a reversal for Long to Short. If and when that happens, the set up appearing on the chart below will be triggered.

Disclosure: I am long AAPL.

Stocks: AAPL