5 Waves Completed On APC Stock

APC has rallied along with oil this year and has completed a bullish leading diagonal. It will be interesting to see how the correlation holds up with oil over the couple of weeks as I have order to go long oil if it trades higher. APC should have at least a two legged correction and retrace at least a third of the diagonal. Support seems to be at the 50% retracement level, so this is a reasonable target area. Short with a sell stop below last week's low and set the stop loss above last week's high.