FSLR, WYNN updates 08/30

FLSR: My preferred count is that it is attempting to make five larger waves up: blue, I, II, III, IV and now V underway. Simple put: a break over the prior blue III/C high and wave V is confirmed, but a break below the blue “IV?” and then below the black 4 low, and wave C up is pretty much confirmed. Please note the alternation between the possible wave II and IV: zigzag vs flat. Classic.

FSLR daily

But, what are then differences in long term ramifications between these two counts?

With 5 waves up, I will we then label the high as major-1 of Primary III/C and start to look for a ~50% to 62 retrace for major-2 of wave III/C. Once major-2 is completed the real Bull party will start. Assume V reaches $52, then wave 2 should bottom around $40-$35, which is prior R/S (wave I).

With only 3 waves up, we’ll see price break below the April low, as it was simple a corrective move up in a larger downtrend off the April-2016 high (not shown). For now, I favor the Bullish count.


WYNN: My preferred view is that WYNN is now in (red) intermediate-v of (black) major-5 and should target $140-$145. The first target is based on a v=i extension (red arrow), and the higher target is based on a 5=1 extension (black arrow). For now we have 4 intermediate waves where intermediate-iii hit the typical 3rd wave extension of 1.618x i to the T and now we have a possible 4th right at the 100% extension, which is also text book. A break over the wave-iii high (137.95) will confirm the bullish count. Please note that upside targets are limited based on the ideal/text book extensions (which is all I can forecast). A break below the wave i high (131.69) will mean price falls back to low 120s first. Note: the black square is the ideal 23.6-38.2% retrace zone for  4th wave and so far price has done exactly that: retraced into the ideal zone and move higher. This also adds weight to the evidence for me to carry the bullish count and to look higher.