CMCSA, CSX, KMX, RACE, WEN updates 12/5

CMCSA: It’s been a while since I updated this chart, but we detected a lot of call buying over the last few days so it was worth to see where it is. What we find is that CMSA is most likely in (red) intermediate-v of (yellow) major-5 to complete (blue) Primary III. The ideal target for III is 44.50-46.25 (the red 276.4 to 300% extensions of the prior (red) intermediate-i wave back in 2015, measured from the intermediate-ii low made early 2016). A very extended wave, but still following the Fib-extensions to the T 🙂 as iii peaked at the 238.20% and iv bottomed at the 138.20%. Perfect. Once III ends Primary IV will become a zigzag and target mid-20s again, befoe primary V brings price to new ATHS. Hence, those who are long from much lower should get ready to exit and those who haven’t been long can still squeeze out another 10% tops.



CSX: Believe it or not, but as far as I can tell based on the waves I am able to count this ticker is only in minute-v of minor-3 of intermediate-iii of major-3 of Primary III. The labeling of the waves going forward is for illustrative purposes only, and not accurate in price nor time. Though minor-3 should ideally target 60-62ish, upside is thus becoming limited. But as long as price stays above $55 the trend remains up. A break below that level is a first warning that minor-4 is underway. Like (green) minor-2, minor-4 should then also become a year long affair or so back to $47-$45.



KMX: Also here we (NorthPost Partners, LCC) detected a lot of call buying activity so it is then always worth to see the chart to assess if there’s legitimate and enough upside left for a high reward trade. What I found is a nice impulsing price chart with price now in major-5 of primary III. This 5th wave is forming an ending diagonal triangle, and although the ideal target is the blue 2.618x at $82.50 (price is today at $68ish), it is not entirely necessary as it did make a slightly higher high above (yellow) major-3. Thus stops can be set at the lower white trendline, which is very close to the 200d SMA: $65.63 since price has not fallen below this line all year.



RACE: For those who like the faster ride among us, Ferrari’s ticker has been on a tear for a long time, but is now starting to correct for major-4. In addition, I already called the major-3 top on November-2nd, and since  The weekly candle chart below shows the waves since the low made February 2016 and how price is now in a already 5-week long decline; it’s longest since major-2, which was a 8 week decline. Since major-2 was shallow, major-4 will by “rule of alternation” be deep. Hence, I expect the 38.2% retrace level to be reached: $90s. We’ll probably see a (tradeable) bounce off the 23.6% retrace first to establish intermediate-a. The daily chart below shows this in more detail.

race weekly

The daily chart below shows the detailed count, where minor-c of intermediate-a is now underway. Minor-b bounced to the typical 50-62% retrace level. Minor-c is now underway with the c=a extension at $100.26, which is close to the 23.6% retrace shown in the weekly chart above at $101.69. If correct, we should from there see a bounce back to about $110 again. By then all the technical indicators will be so washed out, that the only way (path of least resistance) is back up. If we then get intermediate-a at $110, a simple c=a relationship, with a=$20ish targets…. tadaaaa…. $90s



WEN: Not my favorites of charts as this ticker doesn’t move in impulses, as the whole advance to the Cycle-A wave is an overlapping 3 primary waves (blue A,B,C). Then the advance of the C-B low is not very clean either. My best guess therefore is that Primary A targets around $17.60, which is the 76.4% retrace  of C-B and the 1.618x extension of major-1 during the C-A wave.