BABA has completed a 5 wave structure that started in march, followed by an ABC correction. The pitchfork anchored at the march low and the wave 3 high confirms this setup perfectly.
If the correction is complete, we could be starting a new wave count here. Possible play for wave 1 with an entry at ~266, stop loss at ~259 and a price target at ~320 (20%) which...
Looking at Apple using elliot wave principles and the pitchfork strategy, we have confluence at $160. We may drop a bit to $110 and bounce from there.
Apple just completed an ABC correction as part of a wave 2 and is currently undergoing a wave 3. The pitchfork confirms this bounce off the 1-band in blue, heading to the median and then...
EW analysis shows that $work is working on a a wave 3 sub formation (yellow) within a larger wave 3 impulsive structure (white) that started back in march. Its hit the technical levels perfectly. The algos are in play!
On a shorter time frame, the Andrews Pitchfork shows a beautiful bounce off the bottom of the channel, with and 80% chance the price will approach...
1) Wave 4 retracement, bouncing at the 0.38 Fib
2) Bull flag in white reaching choke point
3) Price bouncing off the 0.5 range in the Pitchfork
4) Daily RSI exactly at historical bounce levels
5) Volume decreasing in bullish consolidation (blue line)
6) Parabolic SAR showing uptrend
>> Equal legs projection (green line) and wave 5 projection (white box) show...
THe EW wave counts lines up perfectly with a 618 bounce for a wave 2, and the wave 3 projection lines up perfectly with the pitchfork upper boundary.
A dip to 10.78 is possible as RSI is dropping, however i expect a rise soon after to complete the 3rd wave between 11.75 and 12.20
Slack has been consolidating near the 0.618 Fib retracement level for a while now, and with the stochastic RSI being oversold and the MACD beginning to turn slightly bullish, we could be seeing a launch from wave 2 to wave 3 very soon. Keep an eye on this going forward.
#SAVE looking to break out here. The Elliot cycle lines up pretty nicely, the technical indicators are favorable, holiday season is coming and there is possibly going to be some news of a vaccine from the CDC in the coming weeks.
All this points to a high probability trade setup.
Since the March lows, Apple has gone through 2 Elliot Impulse Waves with an ABC correction in between.
Now we are in the middle of wave 3 with a maximum upside of ~$138 in the short term, followed by a pull back to as low as ~$127 (or more likely ~$131).
Following this, the current impulse wave should end with a final push to ~$145 or higher (if the wave 4...