AMZN, DDD, NFLX, SNAP updates 08/08

AMZN: Lots and lots of waves since the April low, but short term this count looks best IMHO. Although originally I thought price had peaked late-July (because iii of 3 reached the 1.618x extension of wave-1, measured from 2; which is normally received for wave-3; not iii of 3; but there’s been nothing normal about this market and it doesn’t have to either 😉 ). Ideally wave-5 =1 and targets $1950ish Again, doesn’t have to, 5th waves can also be 0.5 to 0.786x 1, so as usual don’t become complacent.



DDD: Massive up move today based on better than expected earnings. So time to cover this ticker again. Since the November low the advance has been very choppy and therefore very hard to track, but with today’s price action it starts to make more sense in that we’ve had first an expanding diagonal wave-1 followed by a leading diagonal wave-1 with wave-3 now underway. This is pretty much the trickiest and most impossible wave-,,1, 2 setup you can get. Now we should set upside targets. With diagonal first waves, the third waves often extend so looking at $23 for starters (1.618x 1) seems fair enough for wave-3 of 3.

DDD daily

In the bigger Primary-III should be underway; alternatively its a C-wave, which is still very trade-able and can easily reach the high 20s, low 30s.

ddd monthly


NFLX: Preferred view has price already topping in minute-b or it will go a bit higher to the 20d SMA (around $360) before wave-c of –c takes hold and should target around $310-$300; which is good support for intermediate-a of major-4.

NFLX daily


SNAP: Rallied on earnings after hours yesterday and dropped today in cash. That’s exactly why you should NEVER buy on the actual earnings release day (AH) no matter how good the earnings are. So here we are. My preferred view with this price action remains that SNAP is working its way down to $6-$3 for Cycle-2. A move below $10.50 will confirm this view. The alternate, yes there’s always an alternate, is that Cycle-2 already bottomed and price is carving a wave-2 low. We will need to see a move over the 200d SMA to be certain this bullish option is the case. Thus what action can you take? One should stay out. Simple as that. One should only long a move and close over the 200d SMA

SNAP daily