This is a follow up to our previous article titled Are Titans Truly Invincible? dated 11th September.
In it, ATEC suggested that Apple had potentially finished its up-cycle and was on the cusp of a bigger and more severe three-wave decline.
Well, we got it wrong.
The 3-wave decline turned out to be part of the still ongoing ascent of the stock and not something more portentous. Having adjusted our scenario, it is now most probable the stock is still in the midst of its final ascent, likely to new highs.
ATEC had set 135 as a confirmation level to press the short, and that kept us from losing more on the trade. It is also true that the lack of downside momentum on its technical indicators since early October was an early warning signal that our bearish case was wrong. This should have prompted at least a review, if not action.
This is yet another example of the importance of identifying critical stop-loss levels prior to entering a trade, be they Longs or Shorts.
Reflect Review Refine.
Good Luck Out There.