AMZN, INTC updates 11/24

AMZN: As has been the case in this Bull market; the waves/price action keeps extending. That’s good, but impossible to predict beforehand.  Originally I had a target of up to today’s high, see here, but the price action tells us a 3rd wave is underway: pink micro-3 to be exact. It should reach the pink target zone of around $1200, then a micro-4 down to around $1175, which will be followed by a final micro-5 wave to just about $1240 to complete all of green minor-3. Then minor-4 should target $1160-$1170 and minor-5 then back up to around $1260 to complete primary III.

amzn-daily1

The monthly chart below shows where AMZN is in the big picture. Note how far extended the current monthly candle is above the monthly Bollinger Band  (green bands). This often means price is going too far too fast and we should see that minor-4 and 5 setup nice negative divergences to usher in (blue) primary IV. Hence, traders should stay long AMZN with a stop raised to $1140. Once $1240 is reached, it’s time to become (very) defensive.

amzn monthly

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INTC: Lets start up close, as price is about to wrap up (green) minor-4 in the ideal red targetzone of $44.05-44.75. In addition, the green up trend arrows show a perfect Elliot Wave Channel, and the dotted orange down arrows show where minor 4 = 2. In addition although not shown here, price bottomed today right at the c=a target for this 4th wave. The purple arrow is the ideal minor-5 = 1 target of $48.08, while the blue up arrow shows a symmetry breakout target of $49.05. Hence, I expect INTC to reach this target zone. Cont’d below.

INTC daily YTD

This target zone, should then be all of (black) major-3, and a larger correction for major-4 down to the low $40s, before major-5 brings price back up to new highs. The chart below shows the big picture count of INTC. Note that once major-5 completes (next year), INTC will have completed five large blue (primary) waves and embark on a serious correction that you -when being long- want to avoid at all costs as I expect price to drop well below $20. But that’s not until next year, so we don’t need to worry about it at all. Cont’d below

IMGN daily longer term

For now, traders who aren’t long INTC yet, can start to enter it, with a stop loss at $42.00, as the A.I. is giving an initial buy signal and the daily RSI5 is positively diverging (see first chart). In addition, we’ve detected good call-option buying activity, which supports the case. Lastly, price simple hardly ever peaks on peak momentum as we had at the green minor-3 high. The target for this up move is $48-$49.