CMG, GPRO update 1/17/2016

GPRO: Nobody likes the stock anymore, but it’s reaching our preferred target of $9ish. That is where red v = red i, since the yellow b high. (white line), and which is where the 461.8% extension resides ($8ish).

gpro

Zooming into the hourly chart we can count the move since the $20 high made earlier this year as impulsing 5 waves down, and it appears we 2 more waves up and down to complete 5. We have price now in micro 3 or already in micro 4 of of minute v of minor 3. Thus we need at least micro 5, minor 4 and minor 5 to finish.

gpro 2

 

CMG: While everybody is talking about Armageddon in the market several stocks did actually very well last week. One of which was CMG is closed up 16% (!!) for the week. So where is it now bigger picture? We have it now in Primary B of Cycle 2, with a target of $580 to $620. See how it perfectly tagged the lower white (very) long term trendline and then rocketed up 🙂 We can also count 5 waves down since the purple cylce 1 high. The 50-62% retrace is at $580-$620, which is typical for a B-wave, and we can also see there is important S/R in that region as visualized by the red horizontal lines. That’s really all there is to it for CMG. Let’s see if it wants to play along!?

cmg monthly