BABA, NFLX update April 20

BABA: working on the last wave up of a clear impulse. Now in minor 5 of intermediate i of major 3/c. Chart doesn;t need much explaining. Price targets for 3 and 4 are hit to the T. Strong resistance at $85, which is very close to the 200% extension; typical 5th wave target. After the 5th wave completes, expect a retrace to $70-$72 for wave ii of 3/c. That’s the real money maker.

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NFLX: fell out of bed on earnings yesterday. It did a perfect 61.8% retrace of the prior decline, typical for a b-wave and had a nice internal c=1.5x a relationship.

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Our preferred count is an ongoing c-wave for Primary IV down to the $70-$60 area (blue trendline support). Note all TIs on the daily and weekly chart are now pointing down, wanting to see lower prices.

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