AAPL, NFLX update 08/29

With AAPL making new ATHs and NFLX getting call buying let’s check where they are in their counts.

AAPL: Has been tricky to count off it’s (red) intermediate-iv of (black) major-3 of Primary-V low, due to the price overlap. In such a case instead of trying to add the correct wave labels it is easier to count the number of waves. Why? because impulses travel in 5,9,13,17 etc waves. So what we have so far here are clearly 9 waves up. This means either AAPL is in its last wave up to ideally around $165-$170 or it can still tag on another 5 to complete 13. We don’t know that and can’t know that beforehand, but this tells us price will continue higher.

AAPL daily

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NFLX: A lot of call buying (October $200 strike) over the past 2 days. And today’s candle is solid. In addition, the 50d SMA held as support, which is at the 23.6% retrace of all of major-3 (note how major-3 topped nicely in the target box I presented when it rallied on earnings). Since the a-waves of 4th waves often target the 23.6% retrace, and given the above facts it appears NFLX may have bottomed for intermediate-a of major-4. I can’t say yet how far intermediate-b will travel, as we can either get a flat or zigzag and the flat can even be irregular (with b=1,382x a), so we’ll have to wait and see. But, price is about to move back above the orange DownTrend arrow, and when it does, it will enter a new UpTrend. There’s positive divergence on the daily RSI5 and the MACD and A.I. are starting to point back up. All in all constructive signs for higher prices the coming days/weeks.

nflx