CMG, SBUX, SNAP, TSLA, TWTR updates 02/08

CMG: Time for a revisit as it’s approaching the Cycle-2 target zone of $240-210. Need to see some more downside and if $230ish holds (long term support) than we may have a decades’ long low in place that could target $1900/share eventually. For now, not there yet but just a reminder that it will come soon. Maybe with the major-4 low for the indices!? Note the positive divergence starting to build in the monthly Money Flow Index (bottom indicator): money is starting to move back into this stock as it makes lower lows. A good sign.

CMG monthly

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SBUX: Also here a big picture revisit only as things are still on track for a intermediate-c of major-c of primary IV. The red target-zone shows the ideal Fib-extensions for this intermediate-c wave  while the blue target zone shows the ideal Fib-retrace for Primary IV. There’s nice overlap between $47.50 and 42.50. IMHO that could be a nice buy zone for those who want to hunt for bottoms and don’t want to wait for the trend to re-emerge (i.e. price >200d SMA, which it currently certainly isn’t). Bottom line: things are still well on track since prior updates.

sbux monthly

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SNAP: Great earnings surprise and rallied hard yesterday. We may have had a failed 5th wave down to double bottom in November last year. Ideally intermediate-iii of major-1 is now underway. Alternatively the i,ii,ii are an a,b,c. But, price broke nicely above the two important resistance levels and now needs to target $22 and $24.50 to be able to make new ATHs. This could be a great long for when the indices kick off major-5.

SNAP daily

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TSLA: Not doing so well on horrible earnings as it burned another $650M hole in investors pockets Q4 2017. That’s equivalent to all the cash they have from potential customers that have put in their deposits for the long awaited model-3. Honestly its stock  price should be closer to $0 as companies that lose money quarter after quarter have no business. Instead it’s sitting at $320/share right now, which simple shows that fundamentals don’t necessarily play a role in valuation. That said, intermediate-c of major-4 should now be underway to ideally around $280 +/- $10. From there, major-5 should bring price to $420s with an ideal 5=1 relationship to complete Primary III.

TSLA weekly

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TWTR: Intermediate-iii is extending and continues to subdivide. Such a subdivsion is hard to forecast especially since the recent high could very well have counted as all of intermediate-iii. Now it counts best as minute-iii of minor-5 of intermediate-iii is underway. Possible already minute-iv with today’s fade from the $35 high.

TWTR daily

Big picture wise the daily count is validated by the weekly candles, see below, as the weekly candles keep stair stepping higher in a nice impulsive fashion. Who would have thought while it seems the indices are about to crash (which they are not btw, that’s just your emotions playing tricks on you!). Note how all the TIs are firmly pointing up, wanting to see higher highs. The anticipated Primary II low will be a fantastic long-term buying opportunity.

TWTR Weekly