FB, AMZN, NFLX, GOOGL updates 10/27

FB: Continues to subdivide. What a monster. Each time I think the top is in, it simple keeps adding waves. But even the market will run out of tricks…. uhhhh waves… as it can only subdivide for that long. Price is now in (grey) minute-iii of (green) minor-4 of (red) intermediate-v of (black) major-3. This means that we’ll see much higher prices before major wave 3 tops. Major wave 4 should then drop back to $115-$120 region. But until then, up it is. I am looking for minute-iii in the $190-$195 region. Then minute-iv in the $180-$185 region, followed by minute-v to $200-$205 to complete all of major-3.

FB daily

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AMZN: smashed it out of the ballpark once again and broke to new all time highs. I there went back to the long term chart to see if there’s something I’ve missed wave-count wise and if there’s a more bullish way of counting the price charts. The monthly chart below shows the new possible bullish count, with a (red) intermediate-iv low at the recent low and price now in intermediate-v of (black) major-5 of (blue) primary-III. Target for all of the primary wave is $1200. Originally, I had the recent ATH as Primary-III. Now this can still be the case, with an irregular b-wave underway, but those I’ve learned are not your favorite count in a Bull market. This count is shown in the daily chart.

amzn monthly

If Primary III is still developing it may look as if I had it totally wrong, but remember that on 10/18, see here, I forecasted that “Ideal target for minute-v of minor-a is $1018. Then ideally minor-b down to ~$960 and then minor-c back up to gap-fill (76.4%) retrace [1046].” Well, we got $1022.31, then $962.50, and now already at $1100. Thus I certainly got all directions right and there was no reason to be bearish going into earnings. But, now we may need to have to look even higher. Cont’ below

AMZN DAILY

Now IF Primary III topped as originally suggested, then the current advance is major-b of an irregular flat Primary-IV wave. Very possible as 4th wave are often flat corrections (consolidation periods). BUT, the highest major-b can then go is 1.382x the length of (black) major-a: $1143. However, IF in the case of the alternate count, where (black) major-a is only intermediate-iv then I expect $1143-$1178 to be only minor-3 of intermediate-v and then there’s still minor-4 down and minor-5 up -to even higher price – left to complete all of Primary III. Hence, for now, we have to look up regardless of counts and my next target is $1143.

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NFLX: Should now be in intermediate-v of major-5. Note how (black) major-4 did a text book 23.6% retrace of all of (black) major-3. Since (red) intermediate-iii was not extended, one should expect intermediate-v to be extended. For now I am looking for $215-$220 to be reached. Cont’d below.

NFLX daily

This could potentially mean the top of a very large Cycle-1 wave as then 5 (blue) primary waves will have completed; see weekly chart below. But, we need to see price drop below $165 first to be certain. Why? Because then price has dropped below the start of the last 5-waves up sequence therewith ending the 5-waves up impulse pattern. Similar to FB: it keeps making higher lows and higher highs. Once that pattern ends (lower lows and lower highs) do we know a trend has changed from up to down. Regardless, for now we continue to look higher.

nflx weekly

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GOOGL: To complete the FANG stocks, which have all been lagging the entire time during this record breaking rally in the indices, GOOGL is closing up the rear. It is now in (grey) minute-v of (green) minor-5 of (red) intermediate-iii. I already had changed my POV a month ago (see here) and that has led to accurate predictions along the way (see here for example) as I was looking for $1050-$1100 all along. Look where price is now 🙂 Back then GOOGL was trading at low $920s and if you’d taking my analyses to heart you’d be up 10+% already 🙂 Cont’d below.

GOOGL daily

The weekly chart -see below- can now be narrowed down further and IMHO there’s an ideal target of around $1080 ($1085-$1085), where the minor-5 = 1 and intermediate-v  = 0.618x i relationships (long green arrow and short red arrow) overlap. However, this 5th wave can extend and then we’re looking at the upper edge of the red target zone box: $1130-$1135. For now, I thus continue to look higher first before we start to look lower for intermediate-iv (which should bottom around $940 +/-10 again)

googl weekly