F A A N G update 02/06

FB: Still counts best as having completed (black) Major-3 albeit one push higher for a possible (grey) minute-e wave is not impossible.  Note the negative divergence on the daily OBV (less money flowing in at higher prices) and the weekly MACD. This is how important tops are foretold by the market 9 out of 10 times.

FB daily

fb weekly

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AAPL: Counts best as having completed major-3 of primary V. Looks like a nice c=a relationship is in the making and price is coming off very oversold. I prefer to view this as intermediate-a, with intermediate-b back to 165-170 before intermediate-c takes hold and takes price ideally to the 38.2% retrace at around 145ish. From there AAPL should be able to stage a rally to $220s to complete major-5

aapl-daily 1.png

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AMZN: Daily, weekly and monthly charts shown. It has two options: either primary III completed at last week’s high, or we should see one more move higher to $1585 ideally. The daily and weekly charts support the former, whereas the monthly chart supports the latter. Thus Bulls are seriously on watch and it’s with a 2:1 score not the best long-probability. Maybe best to leave the possible scraps for last?! New ATH will confirm the bullish count, a break below $1225 is needed to confirm the bearish count.

AMZN DAILYAMZN WEEKLYamzn monthly

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NFLX: Counts best as having completed intermediate-iii of major-5 of Primary V. Price is now right at the 38.2% retrace of iii, which is a typical 4th wave retrace level. Also here a bit weird to see it simple die off on peak momentum and arguably lacking one wave up. Could reach $320 from here. Long positions can be taken with stop loss at $200. That’s 25% risk, so one maybe would like to set them tighter.

NFLX dailynflx weekly

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GOOGL: Also in intermediate-iv, but only of major-3 of Primary-V, so it has a bit more room to go compared to several of the other FAANG’s. The weekly chart shows how iii reached the intermediate (Red) 2.000x extension, and should now drop back to the 1.000x extension, which coincides with the major (black) 61.8% extension at around $940. From there (+/-$15) we should see the next rally to ideally the 1.618x extension at $1370. Hence a great risk reward trade is coming up, but for now, price is still going to go lower, albeit a minor-wave bounce is now in the making, to be followed by a c-wave down.

GOOGL dailygoogl weekly