AAPL, AMZN, GILD, P updates 11/3

AAPL: The most famous stocks of all. Where is it, and how much further can it run? Although I thought (black) major-4 would be more complex, it simple stopped right in my late-September target zone and reversed. Price hasn’t look back since, although I originally thought we’d only see around $160 before price would reverse. Those who took the trade from those $150 levels, at least got to cash in some nice gains, but the party ain’t over yet. Price is now ideally in (red) intermediate-iv of (black) major-5. Cont’d below.

aapl-daily 1

Intermediate-iv should bottom around the $164 region and intermediate-v should then carry price to the $175-$200 target zone. To complete all of major-5. At that level AAPL will be worth $1T… Wouldn’t surprise me if the big boys think that’s plenty… 😉

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AMZN: Another Fib-beauty. Yes, if you get the wave-count correct and it falls in place with the Fibonacci-extensions and retraces it is really hard to be wrong. This often allows one to be on the right side of the trade. Price is now in (grey) minute-v of (green) minor-3 targeting $1143-$1181 depending on how much minute-v decided to extent. Since minute-iii tagged the 176.4% extension (instead of the typical 1.618x extension) and since minute-iv ended at the 138.2% extension (instead of the typical 1.000x extension) we should expect minute-v to go to at least the 200.00% extension at $1143. Once minor-3 tops, minor-4 should drop back to around the $1100 level before minor-5 takes price to around $1200. Thus there’s still some nice upside left in the tank and some nice short term trading for swing traders.

amzn-daily1

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GILD: Did not do the five waves up as anticipated (see here), but dropped hard and thus only did three waves up. Thus the uptrend was corrective and new LOWS are anticipated. But it won’t be a straight line. It never is. Currently price is extremely oversold and due for a bounce. The Elliot wave count suggests price is wrapping up (green) wave-c, which consisted of 5 smaller (grey) waves. Although price can still drop lower (to the purple 200d SMA), downside is limited from current levels (around $2/share), whereas a bounce to the breakdown level (prior Support/Resistance) of around $79 is anticipated and logical. Especially since a lot of call buying is coming in today (option players are anticipating a move back up). This bounce won’t be a straight one up either, but likely have lots of stop and goes, as it’s a corrective bounce. Hence, take profits when you have them. Once the target has been reached, we’ll re-assess.

GILD

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Pandora (P): Could soon be music in our ears, believe it or not. You probably won’t believe it given today’s 25% drop due to earnings miss, but nothing goes down for ever, and the Elliot Wave count has price targeting $5 for a major, multi-year bottom. That’s another 10% from current levels, so let’s be patient here. I show the weekly and month time-frame charts as to verify that the Elliot Wave counts based on each time frame correspond. And they do. Currently price is in (green) minor-5 of (red) intermediate-c of (black) major-c of (blue) primary-C of (purple) Cycle-2. A mouth full, but it simple means the downside is close to being over. Con’t below.

P weekly

The weekly and monthly charts are extremely oversold, but per the Elliot wave rule of “wave-5 often equals wave-1 (measured from the top of wave-4)” we get a target of $5. See green arrows on both charts. Once $5 has been reached (today price got to $5.28) we’ll wait and see how it reacts. But, for aggressive investors it may not hurt to start a small position around that level. This should then be treated as a multi-year hold, as Cycle-3 will go to new ATHs (>40).  For now, I expect still some more downside. No need to front run, just keeping it on the radar 🙂

P monthly