F A A N G updates 04/24

FB: Price bottomed at the 23.6% retrace 2-3 weeks ago and that can be considered as the minimum for a 4th wave. The more “normal” retrace level is the 38.2% and thus question is if that was all of major-4 or if it will continue further. Earnings this week will likely set the tone -like for GOOGL today; see last update below- and thus we have two counts to content with. The (weekly) TIs are starting to point back up and there’s an A.I. buy signal, but that doesn’t necessarily mean the low is in. A drop below $150 will mean we should see $129-$125, whereas a break over $180 will be a good sign for major-5 being underway.

fb weekly

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AAPL: Also here we have to content us with two possibilities. The first is that intermediate-ii of major-5 is underway to about $160 for a c=a relationship and a target of the lower black trendline. Price is back below its 200d SMA for now (lets see where it closes today) so that’s a sign of weakness, not strength.

AAPL daily

The other option is major wave-4 is still underway and targets back to around $150-$148 to complete a larger irregular flat correction. I honestly prefer this option as the prior count has major-4 only lasting a few weeks, whereas a correction of this wave-degree should take months IMHO.

AAPL daily2

All TIs are on a sell and pointing down, everything for now looks weak and bleak and a close below the 200d SMA will be telling.

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AMZN: Weekly chart shown and the preferred count is that minor-c of intermediate-iv of major-5 is still underway targeting ideally around $1300. This ticker may need more time to burn off the excess bullishness off the past 1 to even 3 years. The weekly MACD remains on a sell and suggests further downside ahead. The recent rally didn’t get the RSI5 to overbought, which is also typical for a b-wave.

AMZN WEEKLY

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NFLX: No good news for the NFLX-bulls either as most likely major-3 topped last week as minor-5 of intermediate-v topped last week. This will be confirmed on a drop below $270, but the weekly Technical Indicators look weak and bleak: negative divergence on the RSI5, the MACD is pointing down,  and a red week next week will also give an A.I. sell signal. I expect major 4 to bottom in the black target zone, with an ideal target in the lower end, the 38.2% retrace around $250-230, which is now good support. We will likely see a b-wave bounce off the 23.6% retrace level ($280 +/- 5) first back to current levels ($305 +/- 5) before the c-wave takes hold.

nflx weekly

 

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GOOGL: My preferred count is that minor-1 of intermediate-v of major-3 was a leading diagonal and topped. Minor-2 should now be underway. So far the price action is a “classic” collapse out of the LD, but it can of course not move below $980. If it does then intermediate-iv is still developing and could target as low as $920 for a c=a relationship. If my preferred count is correct than intermediate-iv took 2 months, which suffices from a time perspective and also from a standard flat perspective where a=b=c. A break above last week’s high will confirm my count, whereas as said a break below $980 will confirm the trip to $920s.

GOOGL daily