FB, GOOGL update July 28

FB: still stick in that pesky ending triangle formation and hit right in our ideal target zone for all of wave e ($127-$130). Of course wave e can still subdivide like wave c, so we’ll have to wait and see, but the daily candle today was certainly ugly and suggests more selling than buying.

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On the daily chart, our A.I buy/sell indicator turned into sell.It will be very interesting to see what price will do over the next few days.

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GOOGL: beat on earnings and is probably going to break to new ATHs on Friday. This strongly suggests Primary V is underway. The weekly chart below shows that Primary IV didn’t quite get to our ideal 23.6-38.2% retrace, and that a (yellow) bull flag has formed. A primary V=I (blue) and the bulllag both target to around the 276.4% extension of Primary I, from II: around $1000.

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If we look at more detail to the daily chart we can see how a perfect 3 waves down from the ATH (Primary III) developed and how major c fell just short of the length of major a.

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