AXP, NFLX, SNAP updates 07/02

AXP: is now simple in minor-3 of intermediate-v of major-3. no indication of a minor-4 yet, but may happen at any time. Once major 3 is complete, expect price to move back to the low- to mid-70s for major-4.

AXP

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NFLX:  Confirmed an OEW downtrend last  month and there with confirmed major-3 and 4. The latter may very well be complete already as the 23.6% retrace was reached. If not, then I expect the bounce to go to the 50d SMA and reverse lower for a more complex, longer major-4 down to the 38.2% retrace: $135-$140. By then the 200d SMA should have caught up and provide support. To early too tell if that will happen, as all we have so far is positive divergence on the RSI5 (green arrow), an A.I. buy signal, and price back above the blue uptrend line; telling is price wants to go higher.

nflx

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SNAP: Don’t buy IPO’s! It means the company is close to completing its first 5 waves up, and SNAP shows clearly that’s the case. Expect price to drop back to the 61.8-76.4% ($13-$9) before finally bottoming. Then wait for 5-waves up, a retrace, price above 200d SMA and a bullish SMA setup (price>20>50>100>200) and BOOOOM profits all but guaranteed: it’s not about buying bottoms and selling tops. It’s about being on the right side of the trade 🙂

SNAP daily