ALB, FLSR, MU, SBUX, TWTR updates 09/27

ALB: Has been on a tear since last year’s bull flag (black arrow pattern) break out. The target was reached in June, but price decided to tag on a few more waves. So far it counts well as close to completing intermediate-iii of major-5, with likely one more push higher for a minute-v of minor-5 of intermediate-iii, but its not necessary. The weekly chart below has a nice and easy to count Elliot Wave pattern off the 2015 lows, with a very extended 5th wave. So far price has been kept in check nicely by the green up trend line, and I expect intermediate-iv to find support there too, possible lower at the 110-105 support region.

ALB weekly


FSLR: Counts best as having completed 5 major waves up to complete primary I or A. Ideally I’d expect price to retrace 50-62% of all of I/A to complete II/B. -Why the A/B labels as well? Because we can never know beforehand if this will be a counter trend rally or a new impulse.- Please note how the 50-62% retrace coincides with good prior support/resistance.

FSLR daily


MU: Counts best as now being in intermediate-v of major-5 targeting ideally $38.27ish for a 223.60% extension as intermediate-iii targeted the 176.4% extension, bit uncommon, but then the intermediate-iv wave bottomed right at the 123.6% extension. Normally 3rd waves tag the 161.8% extension and then 4th waves the 100.00% extension, but if the 3rd wave extends, the 4th wave retrace tends to move up as well, which it did now. So far the technical breakout fits with the analyses I presented late-august.  See here. Then I was looking for $45, and now I am looking for $38. Price can still extend. But the important part of the work is that further upside is ahead.

MU daily


SBUX: Is now getting close to reaching my ideal 4th wave target of $55.75 as described last week.  See here. The daily MACD, RSI5 and A.I. are starting to look tired and point down. A break below the 50d SMA is a first good sign that intermediate-v is underway to complete major-c of Primary IV. After that a nice new Bull should start.

SBUX daily


TWTR: Reached my ideal b-wave target as forecasted last month (see here), which I’ve also detailed in the chart below, where the symmetry breakout target off the orange line (white smaller lines) was reached to the T 🙂

TWTR daily-detailed

Over the past 2 weeks price dropped hard and ended yesterday below its 200d SMA, but is now trying to recover on news that TWTR is testing a 280 character tweet. Regardless, so far it’s really only 3 waves up off the August high, due to the overlapping nature of the current decline. The only Bullish alternate I see is that this is all a set of (weird) nested 1st and 2nd waves off the April low. In that case, we do need to see blast off real soon, otherwise I continue to look lower for the $13-9 zone.

TWTR daily