AAPL, AMZN update October 24

AAPL: Elliot Wave count seems to suggest negative reaction on earnings tomorrow as we appear to need a 4th wave. This should bring price down to the $112-$108 level (red box). That level is also right at trendline and ichimoku cloud support. There’s negative divergence on the MACD (shown) and on the A.I. (not shown). We personally would not want to take the chance and long this one prior earnings.

aapl

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AMZN: Has been tracking well since our update in September 🙂 Looks like price is now in minor 5 of intermediate iii. Maybe similar to AAPL, earnings on Thursday may give a negative reaction for intermediate iv down to, ideally $740-$790 (23.6-38.2% retrace of all of intermediate iii).  Minor 5 should target $855-$890. We’ll take profits before earnings: rather safe than sorry 🙂 we can always catch the next bus in case we are wrong with more money in our pockets. 🙂

amzn