AMD, AXP updates October 20

AMD: Easy chart, and easy count. Either major 4 is still underway (reactions on earnings were negative AH today), but we need to see a break below $6.25 to know $5-$5.50 is on tap. If we see a break above $7.15 we know wave 5 is underway, which should target $10. Hence, we will either long the break out or we’ll buy the $5 zone. Simple.



AXP: Up 10% today and a new high since the February low. Clearly wave iii of 3 is underway. All TIs are on buy. We expect a little more upside to around $68.50 for the first 5 waves (minor 1) to complete off the recent (red) intermediate ii low. Then we should see a retrace to the breakout level ($64-$65) followed by the next wave up (minor 3) to low to mid -$70s. Ultimate target for major 5 is low $100s, with major 3 at $85-$90 and major 4 back to mid-$70s. This can be used as one’s trading roadmap if so desired. But, as always anticipate, monitor and adjust 🙂