Apple to $130

Looking for Apple to drop to around $130 in the next down wave for the broader market, assuming the drop is around 10 percent for the S&P 500 Index. I based that on a retrace of the price ratio ascent from Mov-Dec 2021. Apple also has a gap at $95, below long-term support going back to the 2003 low. There's a clear path to a roughly 45 percent loss once the market gets moving lower. As for the $130 target area, I think it can be achieved within the next 6 to 8 calendar weeks. All assuming the market gets going to the downside of course, and also likely requiring an earnings miss or negative guidance from Apple.

I do have puts on Apple, but it's not my top target. I focus on Apple because it is the largest component in the S&P 500 Index and there won't be substantial downside movement in the major indexes without Apple fully participating.