AAPL, GOOGL update August 9

Two of the juggernauts on wall street that have been fueling the recent rally. Where to from now?

AAPL: Has been on tear and the best and most logical count has price in (greeen) minor 3 of (red) intermediate iii of (yellow) major 1. Gap fill has been achieved and it may therefore be time for the weak hands to sell. We expect minor 4 to drop back to $103.50-$105.50; the 23.6-382% retrace of all of minor 4. The $103.50 level is good support (see green horizontal line). Intermediate iii should rip back up to ~$112 etc.

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This is our best estimate of how we think price should behave going forward based on a standard impulse. Note that price also tagged the 138.2% extension of intermediate i, from ii; classic for a 3rd of a 3rd wave.

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GOOGL: similarly as to AAPL we painted what we believe will be the most likely path going forward to reach our ideal upside target of $1000+ for this behemoth. Major 1 of Primary V may be close to topping and major 2 should ideally fall back to the break out zone: $750. Using standard Fib-extensions, major 3 should then hit $940-$970, major 4 down to $930-$870 and major 5 up to $1000-$1030; see below. Again, this is rather speculative at this point, but the preferred road map for an impulse to reach the V=I=bull flag target.

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On the daily TI chart we see some negative divergences creep in and of course a new ATH. Hence, some selling for major 2 could be happening. Note the gap at $770 and strong support at $750; which would fit well with the aformentioned major 2 target. Time will tell if we’re right, but for now we find GOOGL a bit too hot to touch.

GOOGL 2