AAPL, AMZN, GOOGL updates 12/12

AAPL: adjusted the count as the current price action -given where the general market is- fits better with a major-3 top coming then a Primary V top. Not withstanding, the coming major-4 will likely erase 20+% of it’s share price so that’s not really something many would want to hold on to and sit through. Forewarned is forearmed. The adjusted count shows price is in green minor-5 of red intermediate-v to complete black major-3. The ideal target zone is around $186+/-$4. Major 4 should then drop price back to $150-$140. This fits with where I see the market as close to completing major-3 as well. Long stops should be place under last week’s low at around $165. Note the about similar length in time for minor-2 and minor-4: 16 vs 19 days, which gives credence to this count.

aapl-daily 1

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AMZN: Similar to AAPL, and it sure looks like AMZN is getting that “one last chance” I mentioned in the November update (see here). Price hit the 261.80% extension, which is typical for an extended 3rd wave (in this case green minor-3) them dropped in a rather obvious abc-wave down (thus corrective) to last week’s low and is now back above its 20d SMA and the A.I. is back on a buy since last Wednesday as well. The OBV keeps holding support (green line) but is negatively diverging (red line). As long as it holds support Bulls are good and we should see price target the 300% extension at $1240. Hence, upside is limited to $70/share but still tradeable. Stops can be set at just below last week’s low: $1130.

AMZN DAILY

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GOOGL: That’s been some complicated mess the past month, but I think I figured it out. Since the late-October high (grey minute-iii) price went through an irregular flat. Late-November was the b-wave high (b>a) and last week’s low was the c-wave low. Note minute-ii took 25 days and minute-iv since the October high took 25 days as well. Nice symmetry; both also confirmed OEW downtrends. Since wave-iii almsot hit the 1.618x extension and wave-iv almost the 100% extension, I expect v to hit the 200% extension, assuming a standard/text book Fib-based wave-advance. Long stops can be placed below last week’s low: $1000 (that’s 5% downside risk vs 6% upside reward: not the best of trades imho)

GOOGL daily