GPRO, YELP updates 08/07

With both GPRO and YELP up double digits last Friday on earnings, it’s time to revisit the GPRO chart and do an analyses of YELP. Here it goes:

GPRO: Big picture wise, nothing has changed from prior analyses in that the Cycle low (C?) can be in. There are 5 waves down from the October 2016 high, and at the $7 low made in March of this year, there’s really not much more downside left before the stock goes to 0. The weekly Technical Indicators are now pointing up, and there’s positive divergence in the MACD and OBV as price in essence kept inching lower until last week.

GPRO weekly

The daily chart below shows the Elliott Wave Count off the October high, and it has 5 waves completed. Price jumped over the 200d SMA, which is very important to establish an uptrend. But, of course NOT a guarantee. It simple increases the odds of “good things to happen”. The last time price was above the 200d SMA was in November last year, when price was going down. The last time it was above the 200d SMA while going up, was in September 2016. Thus the current development is significant from that POV. All TIs are now pointing up, the bollinger bands are explosively expanding, and price is at the upper band, while now above the 20d, 50d, to 200d SMAs. However, the latter are not yet bullishly stacked (20>50>100>150>200), but as long as price remains above the 200d, that will happen eventually. The SMAs will then tell us the trend 🙂

gpro daily

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YELP: New ticker for me, so let’s assess the monthly chart first. There are clearly 5 waves up to the Cycle high and clearly 3 waves down to the possible next Cycle low. At the low, price was almost at the 1.382x extension of (Blue) primary-A, measured from B, which is a typical C-wave Fib-extension. Price has since moved higher in what best looks like 5-up and 3 down (see also daily chart below for more detail). However, price is  not yet above the 50m SMA and still below the critical $42 level (blue horizontal line). It needs to get above those two for more upside potential.

yelp monthly

The daily chart below shows that, like GPRO, price moved back above the 200d SMA on earnings and we can count a 1st and possible second wave high and low; respectively. Note that the alternate count is of course and a,b sequence,with wave-c now underway. This c-wave should then ideally target low $50s with a standard c=a relationship

yelp daily

As with GPRO, with price back above the 200d SMA; good things are much more likely to happen. All TIs are pointing up and on buy, the bollinger bands are expanding explosively and price is at the upper band. All favors more upside in the days ahead. First target the recent $43 highs, then the 50m SMA at $45, and $55 if C=A. In a regular 5-wave impulse I expect price to reach $80-$85, but there’s not enough information yet to make that a certainty.