FAANG updates 01/17

FB: Canary in the coal mine? It fell out of bed last week after it hit the upper red trendline and should ideally now be completing minute-d of minor-4 of intermediate-v of major-3.  Price is now at the 100d SMA and this has held 3 times over the past months. If it doesn’t this time around then we should look the weekly chart (below the daily) and adopt the notion that major-3 has topped. Hence, the risk reward here for longer term investors is not so good. Aggressive traders can go long with a stop just below $168, since the indicators are rather oversold.

FB dailyfb weekly


AAPL: Not too much to add to the last update other than price made a new ATH, and the price action still looks good for a ~$190 price target.

aapl-daily 1


AMZN: THE example of extensions of extended waves like in the indices. Moves like these are impossible to forecast. But here we are, well past the 300% extension, and we can nicely count the grey minute-waves and purple micro-waves of minute-iii. Minute-iv is now underway and should take a few more days. The RSI5, MACD and MFI reached peak momentum at yesterday’s high, thus telling us that high wasn’t it, which fits with the preferred wave count.



NFLX: Like AMZN, the EWT-waves here count pretty straight forward too. Minor-3 topped yesterday with slight negative divergence on the daily RSI5 and minor-4 is now underway, ideally targeting $212ish. Then minor-5 back up to new ATHs to complete intermediate-iii of major-5 of Primary-I. Note the peak momentum readings for the MACD and OBV: not a major peak yet here. Just a small correction underway. Aggressive and long term traders should be long and stay long until about $230-$240 is reached where aggressive traders should exit, swing traders as well, but long term investors can ride our intermediate-iv.

NFLX daily


GOOGL: This is a bit tricker to count currently, but assuming standard wave extensions than GOOGL should have hit the iii of 3 target at 100%, with ideally a move back to the 61.80% and then a rally to the 138.20% extension to complete 3.  Note that the red intermediate-iii annotation is in that case place too low. The EDT formation is not the preferred count. For now, price keeps making new ATHs and is well above trendline support, all SMAs etc, thus we should expect continued higher prices.

GOOGL daily