FAANG met H&S target@0.786; Earnings week scenarios
FAANG reached its H&S target move exactly at the 0.786 Fib Retracement level around12.50. This is also
The bottom of my slanted pink FIB CHANNEL.
Most of the stocks in FAANG are still profit machines despite rising rates & inflation, maybe except FB & Netflix which recently pulled FAANG down a lot. If earnings come out A LOT BETTER than analysts’ projections, this 12.50 level may already be very much near the bottom of wave 4. Then wave 5 starts with
the different impt FIB levels on the chart as TP areas until the H&S neckline. Wave 5 may peaked sometime in 2023 before a potential recession.
But if earnings disappoint, we may see lower prices in the green box around 9.25 which is also FIB 0.854 level. From there a consolidation follows until it bounce from the bottom of grey slanted FIB CHANNEL.
Not trading advice
The bottom of my slanted pink FIB CHANNEL.
Most of the stocks in FAANG are still profit machines despite rising rates & inflation, maybe except FB & Netflix which recently pulled FAANG down a lot. If earnings come out A LOT BETTER than analysts’ projections, this 12.50 level may already be very much near the bottom of wave 4. Then wave 5 starts with
the different impt FIB levels on the chart as TP areas until the H&S neckline. Wave 5 may peaked sometime in 2023 before a potential recession.
But if earnings disappoint, we may see lower prices in the green box around 9.25 which is also FIB 0.854 level. From there a consolidation follows until it bounce from the bottom of grey slanted FIB CHANNEL.
Not trading advice