GILD, GOOGL updates 10/19

GILD: Jumped higher after hours on FDA approval of one of their drugs. If price can continue to make new highs then we have 5 waves up complete for a larger A or 1st wave. The upcoming correction low should then be bought for a nice C wave or 3rd wave rally. Note how the simple moving averages are all turning back up and become bullishly stacked since this summer’s low. Price found support at the 50d SMA and if the higher AH price will hold it will open back above the 20d SMA. In addition, price is nicely trend-channel surfing as it’s called. (Red) Intermediate-v may extend since wave i and iii weren’t. Overlap with red intermediate-i at $76.25 at any time from now going forward (without making new highs first) means the whole advance was 3 waves and we should expect new lows.

GILD

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GOOGL: Following along much better now that I switched to the Bullish count end of September (see here). I hope many of you banked on it.  Counts now best as close to completing (grey) minute-iii of minor-5. The weekly is now reaching very overbought, as well as the daily. Based on the weekly chart price should still reach $1080-$1120 before all is said and done for intermediate-iii.

googl weekly

Intermediate-iv should then coincide with major-4 on the indices and target $920-$960 again with an ideal of $940. Intermediate-v should then ideally extend and reach $1200-$1300. The daily chart below also shows the daily TIs are reaching max levels, which is telling for minute-iii. Support for minute-iv is at $990-$970.

GOOGL daily