Looks like AAPL is forming an ending triangle.
Either the stock has already made it's high today or it might make another wave up to touch the upper trend line at 651.
Confirmation is required by closing below the lower trend line to initate a position.
In the chart on my left, I have labeled the down trend formation we have seen in FB since Mar-10th, 2014. We have seen 5 wave down and 3 waves up.
In the chart on my right, I have labeled the 5 wave down as wave A and the 3 waves up as wave B. Today we saw the wave C downtrend starting.
Ideally, this should reach the target of $47.19 by June 30th.
Today in premarket, AMZN touched the bottom of the gap at 316.41.
Since then it has brocken the hourly downtrend channel (blue).
AMZN is still trading within the yellow channel. Depending on how agressive its going to be, our first target is 280.00.
Since the low of $493 on Jan-31-214, AAPL has made 5 waves up. Wave 1 ended on $551 on Feb 18th, 2014. Length of wave 1 is $58.00 (551-493).
Wave 2 ended at $511 on Apr 15th, 2014.
Wave 3 ended at $605 on May 16th, 2014. Length of wave 3 is 94 (605-511). This is 1.618% of wave 1 (58 x 1.618 = 93.844).
Wave 4 ended at $580 on May 9th.
If wave 5 is to be...
On March 12th I posted my first forecast for AMZN as it was going to touch the target of $381 on March 13th.
I think the downtrend for this has come to an end for the following reasons:
1. In the 2 hour chart on the left, Fibonacci extension for wave C end at $312.33. Today’s low of $313.13 is just few cents short of touching this.
2. If we count the sub waves...
With last Friday’s (Mar-28-2014) sell off, breaking the support at $8.81 (38.2% Fibonacci retracement), most would have sold their bullish position. I also went to close my position as it has hit my stop loss target.
Just before closing, when I looked at the momentum, I found something fishy. Momentum is diverging. For a sudden drop like this that is unusual....
In the last few days just because AAPL looked like it broke off from a triangle formation to the upper side, many of us were thought to believe it is now in a bullish trend.
As you will see in the weekly chart, it is well within it’s down trend.
In the hourly chart in a close look, it is trying to reach the Fibonacci extension of $547.19. It should be able to...
On March 12th I posted my first forecast for AMZN as it was going to touch the target of $381 on March 13th.
I initiated my bearish trend on March 13th. Now it is about managing my trade.
My first target is $340.00. Depending on the momentum, my if it breaks thru that my second target is $312.00
HPQ is in a long term down trend in the weekly chart. It is in an uptrend since Dec-03-2012.
Currently it is at the end of wave C uptrend. Last week, it touched the upper trend line of the channel.
I am expecting the price to go down in hourly chart next week and potentially make the last leg up to touch the long term 50% retracement at $33.09.
Or maybe the...
HPQ is in a long term down trend in the weekly chart. It is in an uptrend since Dec-03-2012.
Currently it is at the end of wave C uptrend. Last week, it touched the upper trend line of the channel.
I am expecting the price to go down in hourly chart next week and potentially make the last leg up to touch the long term 50% retracement at $33.09.
Or maybe the...
Yesterday I published my reasons to initiate a bearish trade at $381.00.
Today it hit that target. I purchased May 2014 $360 PUT at $11.00.
This PUT options are now trading at $14.45.
Stock price is still above the support line. Expecting it to break the support line in a day or two.
Initiate a bear trade if and when AMZN hits $381.
At 381, it would have filled the gap and hit 61.8% retracement.
I like to see a divegence in momentum and a candle stick signal.
Target $321
In my previous analysis on GOOG, I indicated that this stock may have come to an end at 28.70 on February 26, 2014.
Since then even though it came very close, it could not beat that top.
The momentum keep dropping and today we see a Bearish Engulfing candle stick pattern.
I think at least for a short period of few days to weeks, it has fond its top.
SPY is touching it's upper channel in the weekly chart.
But we have still few days more for it to reach a top. I will keep a close watch on this to see the momentum to drop, a signal in Candle Stick and other technical indications.
GOOG has been going up and up for a long time.
Last few days it is been forming an ending trangle.
MACD indicates that the momentum has been going down in the hortly and daily charts.
After the 5 wave ending triangle, price droped forcefully.
At least a short term downtrend may be in place. If the stock breaks below 1203, I will be more confident.
Today this chart has completed a 50% retracement of the down trend it was having.
I am expecting it to complete the down trend to a target of $105 by May 5th.
This has completed 4 waves down. Starting to form 5th wave down.
Have an evening star in 4 hour chart.
Negative divergence in hourly chart.
Go bearish at current price of $8.29.
Target $6.15 by Mar 24th.
Stop loss at $8.72
