Here’s an updated daily chart of AAPL with a slightly revised (lower) bounce target than shown on the previous chart. The profit target for this trade is 565 while the suggested stop parameter would be on a break below the 490 area, providing the trade with about a 3.3:1 R/R. As posted previously, the entry criteria was based on various factors, including the fact that AAPL has now reached this key uptrend line support level with positive divergences in place on both the MACD and RSI on the 60 minute charts.
My preference is to start scaling into a long position in AAPL vs. taking a full position at this time as I still believe that there is a decent chance that the broad market continues falling to my final intermediate target (T4) on the QQQ daily & 4 hour charts. If so, that target (target range on the daily chart) is about 3-4% below current levels. Therefore, a stop below 490 on AAPL would allow for about another 3.5% drop before triggering.