RACE, SBUX, TSLA, TWTR updates 12/13

RACE: Has completed Primary I, and is now in primary II, while likely completing it soon at ideally around $87-$97 for a classic c=1.382x a to c=1.618x a relationship (red box). From there major-b should follow to likely do a retest of the 200d SMA or to the obvious $130-125 horizontal resistance zone.. After that we should expect the next relapse to much lower prices to ideally complete Primary II.

Positive divergences are starting to develop, but so far no reaction on price yet. Would like to see $97-$87 for major-a.
Monthly chart counts very well as having completed five major-waves up to complete blue primary I, now price is correction to the blue target zone for primary II. Lots of pain ahead.

SBUX: With a barely subdividing (blue) Primary V wave it is difficult to assess where exactly price will top, but as said in the last update: the higher she goes, the higher the risk. I don’t show the daily chart as I frankly am unable to reliable count the smaller waves up. There’s simple not even a trend change since the late June low. With that said, it looks like price is currently consolidating its recent gains and forming a bull-flag (not shown) which could target as high as $73, depending on where price will bottom. For that to happen, price will need to break above $68 first. I for one would not chase that breakout as at the current levels it could very well fail. 

TSLA: The most hated and at the same time loved electric car maker defeated the odds and instead of my preferred (and dreaded) C-wave down -see here– is IMHO now forming a large leading diagonal Cycle 1 wave up, which was my alternate count (see here). Such is the live of elliot wave: anticipate, monitor and adjust. 

Once a diagonal ends, it will retrace back to its start which in this case is around $140.

The leading diagonal principle is shown in the diagram below. As you can see, the price action for Tesla is rather similar: it a) consists of 5 waves up; b) has wave-2 and -4 clearly as corrective; c) has wave-1 clearly as an impulse, while wave-3 can be counted as either three or five waves up; d) wave-1 is clearly the longest; e) with a ~$450 price target for wave-5, with-3 is not the shortest.

source: https://ewmizone-kivv0apgntrwrwvhv.netdna-ssl.com/wp-content/uploads/2017/09/leading-diagonal-example.png

For now I expect TSLA to soon embark on (black) major wave-b down to around $320-$330 before major-c with a typical c=a relationship targets $450. From there we can then expect CYcle-2 to retrace back to the start of the diagonal at $140: a 69% haircut, which fits very well with a typical 62.8-76.4% retrace of the entire 1st wave (Cycle-1) by the 2nd wave (Cycle-2)

TWTR: I prefer to view TWTR still in major-5 of Primary I, and now being underway in red wave-iii of 5. Why? So far it bottomed right where it had to for red wave-ii and then accelerated higher and closed back above the 200d SMA. So far that’s according to plan. As long as TWTR stays above its 200d SMA, it has the best odds of moving higher. A break below it means something else is going -there were then only three waves up; see weekly chart- on and we’ll have to revisit the charts for new downside targets. Anticipate, monitor, and adjust if necessary.

So far TWTR is following the wave-i, ii, iii script well, but it needs to stay above the 200d SMA and continue to move higher to tell us wave-iii of 5 is here for real.
A move below the November low will mean price did only three waves up; which is corrective and we should then expect much lower prices.