AAPL, GOOGL, SBUX, TSLA updates 07/05

Time to update some of the big boy names, more to follow once more useful price data becomes available.

AAPL: price holding the 23.6% retrace nicely. Too early too tell if the low is in, but the red circles show the similarities in price and TIs between now and May last year. Downside momentum is losing steam. We do need price back above the 50d and Ichimoku cloud to be more certain the low is in, so more downside is certainly possible but likely limited to the 38.2% retrace at ~$136ish.

AAPL daily

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GOOGL:  Bit similar as AAPL, though here we have a much clearer “abc” down and price found support at around the c=a extension (grey arrow) as well as the 50.0% fib retrace. Support is clearly at $920 and if that doesn’t hold $890: gap fill. For now, the TIs are starting to point back up, wanting to see higher price. It’s a bit unclear at this stage if minor-4, intermediate-iv or only minor-a of intermediate-iv bottomed. We do have a top at ~$1009, which is at the 1.618x extension of intermediate-i; and that is typical 3rd wave territory: intermediate-iii. But, on the other hand, it is rather difficult to count 5 minor-waves off the intermediate-ii low. Instead we have “only” 5 minute-waves off the minor-2 low. Hence, we’ll let the market sort this all out, but regardless odds are in favor of a meaningful low at defined risk/reward ($890 risk level, new ATHs reward level)

GOOGL daily

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SBUX: This is a chart where we let the market sort it out (as said we would for GOOGL) and instead of 3-4 different counts as shown in the previous update, we now have two left: either Primary V is forming and Ending Diagonal Triangle (1/a, 2/b, 3/c, 4/d, 5/e) with 4/d almost complete. Or we have a nice 1,2,i,ii set up, with ii almost complete. Regardless, upside is soon to be head IMHO. Why? we see price racing towards its 200d SMA, which coincides with the lower black trendline and the 61.8-76.4% retrace. The latter is rather common for a 2nd wave. No buy signals yet, everything is pointing down, so I suggest wait to buy when things start to turn back up. Don’t try to catch a falling knife: my analyses is wrong to proven right and it’s not about nailing tops and bottoms. It’s about being on the right side of the trade. Regardless a bottom should be soon in place IMHO. So watch those levels around $57-$56.50 for a reversal.

SBUX daily

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TSLA: Bit of a conundrum here. Is intermediate-iii or major-3 in. Price hit the (black) 1.618x extension, which is -as said in the AAPL update- the typical 3rd wave extension. In this case major-3. But, the daily chart counts best as 3-waves up off the (black) major-2 low, whereas the weekly chart counts best as 5-waves up. These are simple the limitations of EWT we have to live with. For now, and regardless, there’s strong support at the 100% extension: $305, which is right around the consolidation zone between $290-$330. For now the daily and weekly charts look weak and ugly and I wouldn’t want to catch a falling knife. So watch that are and the $305 level in particular for a strong reversal. No buy signals anywhere, everything is on sell, so why buy!? Let the market guide you 🙂

TSLA dailyTSLA weekly