FIT, MU, WPRT updates 01/02

FIT: In my Ddecember update (see here) I wasn’t entirely sure if FIT was starting a new impulse up or if it just did a larger abc up. As such I wrote “A break below the November low means the a,b,c count is active, whereas a retrace to around the 50d SMA and then a launch over yesterday’s high place the impulse count front and center. Hence, I must admit I have not enough price data yet to determine, which is which, but there is now enough price data to suggest either or, and everything now makes more sense than 2 weeks ago.” However, now with more data under our belt: drop below 50d and 200d SMA, and an almost 100% retrace of the prior advance it is much more likely that it was an abc advance and that we should see lower prices eventually. An oversold bounce should now be in the making. The preferred path is shown with the dotted arrows. Cont’d below.

fit daily

On the weekly chart I slightly adjusted the EW count and moved the intermediate-iv high to the recent December high, given the abc (overlapping) advance since the June 2017 low. Note the continuously rising MACD which shows the downward momentum is decreasing; fitting with the last 4th and 5th wave underway. I expect the entire decline since the $52 top made in July 2016 to reach $4-$2. I’ll monitor the price action to nail the bottom more accurately.

fit weekly

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MU: The preferred view/ EW count is MU topped for major-5 of Primary A. One of the price actions to support this is the December price action: It clearly was only an abc advance off the $39 low to $47 high. Thus upside movements are now corrective and thus the predominant direction is down. In addition, (green) minor-a can be counted as 5-waves down as well (not shown). Cont’d below.

MU daily

Thus, the monthly chart below showing the Primary A top right at long term resistance, and a expected primary B low around $25 remains the preferred view since my last update made already two months ago (see here). Back then I expected a price high at around $45, which is pretty much what we got ($50). Not too shabby a prediction.

MU monthly

 

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WPRT: Well, well, well. The little stinker. It did trade below $2.60 only to take off directly after… When that trade below $2.60 happened (see here) I thought upside was limited… Well, wrong I was because look where we are now. The overlap is still a bit of a eye soar, but we can morph this still in a good looking LDT that is following the Fib-extensions rather well. The next target is the 1.618x extension at $4.46, but given how strong the recent advance has been (price is ripping the Bollinger Bands apart and riding the upper band: serious sign of strength) the 1.764-2.00x Fib-extensions look much more likely (4.74-5.17).

WPRT daily