FAANG updates 05/15

FB: Counts best as completing (green) minor-4 of (red) intermediate-iii of (black) major-5 as price is close to the (red) 1.618x Fib-extension of i, from ii, which is a typical 3rd wave (intermediate-iii in this case) target. If correct, once this extension is hit we can expect price to move back to the 100% extension for intermediate-iv before v takes hold and takes price to the typical 200% extension at $198ish. Yes, of course this could also be only all of intermediate-i of major-5, but we won’t know that until much later in time and until then a cautios and prudent profit taking approach is warranted.

FB daily.png

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AAPL: The preferred count is that (red) intermediate-iii of major-5 is underway, but there are a few other options. The less Bullish option is an ending diagonal (a, b instead of 1, 2) and the most Bullish option is that major-4 bottomed late-April and only intermediate-i is now underway, which may possible have peaked already. Fact is: AAPL has made new ATHs and therewith shown the correction it was in is over one way or another. I expect AAPL to reach at a minimum $220s based on the 80/20 rule: AAPL traded through $180 (up to $190) and then the next higher 20 is next. In this case $220.

AAPL daily

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AMZN: Remains IMHO a tricky one in assessing where exactly it is in its Elliot Wave count. Why? There are so many waves, and thus so many ways one can count them and thus caution is advised as price is so very extended. The monthly chart below shows the preferred count, but it could be off by 1 or 2 wave degrees; hence why caution is advised. There’s negative divergence on the monthly RSI5 and that could be enough to set in more downside.

amzn monthly

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NFLX: Either major-3 topped or primary III. The weekly TIs look weak and bleak with negative divergence. We’ll have to see how this pans out, but for now I find this a low-confidence chart, count and setup.

nflx weeklynflx monthly

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GOOGL: Has two options. Either intermediate-iv is still underway (alt: a, b, c) or (grey) minute-ii of of minor-3 of intermediate-v is already underway. A drop below $1010 will firmly place it in the former, whereas a retrace to about 1060/1050 and then lift-off will place it in the latter. Hence, one could wait and see if price reaches that low and long it ($50/40 risk, which is less than 5%).

GOOGL daily.png