GOOG, TSLA update: 1/16/2016

GOOG: online search giant needs to take a step back, as this one is now in intermediate iv of major of primary V. We expect it to bottom at around $700, which provided support earlier as well is the break out level on previous earnings.That’s all there is to it. Overlap with (red) intermediate i means major 3 is in…

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TSLA: Our ideal count has the electric car producer now in Primary II. We’re a bit unsure on the wave-degree, either in major c or in intermediate c of major a, but what we do know is that it retraced exactly 61.8% in overlapping fasion off the prior drop from (yellow) b to (red) a; signalling a b-wave top. Price has now dropped below trendline support and both the yellow and red c=a extensions target $180. This is very good support and we expect a strong bounce from there at the least. One could argue the entire advance of the (red) intermediate a low to reed b is an overlapping leading diagonal, but we find that at this moment much less likely.

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