VueJS $watch $refs

Is it possible to $watch Vue $refs?

I'm wanting to set logic against a child component that is nested inside my current Vue instance but inside the ready callback, $refs.childcomponent is initially undefined while it's processed.

inside ready()

this.$watch('$refs', function() {
    console.log("not firing");
}, { deep: true });

Result: Error: Maximum call stack exceeded

watch property of the instance

watch: {
  '$refs': {
     handler: function() { console.log("hit"); },
     deep: true
  }
}

result: nothing.

You can $watch $refs.<name>.<data> but not $refs.<name> itself, not to mention $refs.

https://jsfiddle.net/kenberkeley/9pn1uqam/

const Counter = {
  data: () => ({
    i: 0
  }),
  template: `<fieldset>
    <p>Counter</p>
    <code>i = {{ i }}</code>
    <button @click="i += 1"> Add One </button>
  </fieldset>`
}

const App = {
  components: { Counter },
  mounted () {
    this.$watch(
        () => {
            return this.$refs.counter.i
        },
      (val) => {
        alert('App $watch $refs.counter.i: ' + val)
      }
    )
  },
  template: `<fieldset>
    <p>App</p>
    <counter ref="counter" />
  </fieldset>`
}

new Vue({
    el: '#app',
    render: h => h(App)
})