BABA, ROKU updates 08/09

BABA: Those who follow my updates on this stock should be aware I am tracking price to be wave-4 with one more wave-5 to complete an impulse up. The weekly and monthly chart align well. Note the 1-degree different wave-labeling between each, but in the end it boils down to the same: price has now reached the 23.6% retrace of wave-3/III which is often good for wave-a. I now expect wave-b to move back to around $200 before wave-c takes hold and brings price down to the typical 4th wave retrace target of 38.2% ($155ish). What gives me confidence about this EW count is that clearly the weekly and monthly chart align (even the daily does, but its not shown). Note the negative divergences foretelling the corrections were coming and how for example wave-iv (one degree lower than the current wave-4) came close to the 38.2% of wave-iii; suggesting wave-4 will do the same.

baba weeklybaba monthly


ROKU: Another blast off on earnings, which now allows for a nice Bullish Elliot wave count. Looking at the weekly chart we can see 1) a perfect 50% retrace of the September to December rally; 2) price action since has been impulsive looking and the 6/11 breakout has been successful; 3) price should now be in minor-5 of intermediate-iii of major-1 to around $60+/-2. Then I expect intermediate-iv to retrace back down to about $50+/-2 before v takes hold to complete major-1 at around $65 +/- 2.