MCD, SNAP updates 08/14

MCD: No longer term, detailed, count shown, other than that there were 5 waves up off the 2016 low. In addition, the weekly RSI5 (weekly chart) is heavily negatively diverged, the MACD is already on a sell and pointing down, and an Ending Diagonal Triangle formed for wave 5. First target is $147.50. Then we’ll re-assess again.

MCD

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SNAP: Last month (see here) I was looking for a low in the $9-$13 price range for this ticker and this morning we got $11.28, which is exactly the 61.8% retrace of all of the TOP to $0 (remember that IPO’s often pop and drop, or instantly drop as the actual IPO means the company is close to completing it’s first cycle: from startup to going public). The waves count as complete as well, and the bottom may be in. However, price does need to get back above the 20d and 50d Simple Moving Averages (SMAs) to be much more certain as in essence these SMAs have acted as resistance since June.

SNAP daily