AAPL, AMZN, FB update 1/28/2016

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AAPL: is in primary IV and has completed major a and b of that wave and is now in intermediate a of major c. We expect it to find support at the 100% extension at around $82, which is also where the 38.2% retrace of all of III resides. technically this would suffice for a 4th wave as the often retrace that percentage. Intermediate b should then retrace back to $108-$110 before intermediate c takes price down to the 138.2-161.8% extension, which is where major 4 bottomed: 4th waves of 1 degree higher find support at the prior one-degree lower.

aapl 1

AMZN: Took a beating and makes us rethink the charge in that also AMZN has peaked for primary III. We  see major a of IV either target the 100% extension (purple arrow) of intermediate a, from b, at around $450, or possible the 138.2-161.8% extensions at $440-$440 (yellow box), which is also right at the white trendline support. Cont’d below.

amznIf we take a look at the daily chart, we see beautiful three waves up to today’s high: picture perfect b wave, which is always 3 waves. With AMZN opening at around $550 it will break soon below the intermediate a low and below the lower red uptrend line.

amzn2

FB: We were alerted by one of our members of the possible large ending diagonal that is forming for the social media leader, which is only evident on the log-scale. the yellow lines clearly show this. What this means is that primary I can be a large leading diagonal. It fits with the 4 wave pattern for the move from the August low (major 4) to the early November high, which was clearly 3 waves: intermediate a of major 5. then intermediate  b down to the recent low, and price is now in intermediate c targeting $116-$120, which is where daily and weekly resistance reside. Cont’d below.

fb

Moving on, intermediate d should then drop back to the lower yellow trendline and intermediate e finish Primary I at $125-$135, which has always been our ideal price target for FB. Given that this is a huge leading diagonal 1st wave, price will collapse out of it and retrace most of the 3-year advance; probably back to $50-$70s .