This is a quick look at what I consider the best 4 tech big cap stocks and their wave patterns after a truly ferocious drop today. Glass half full, this just looks like a corrective ABC flat with the big scary C wave today..may end up being a really bad close, but we may hold support at A wave low of 2019 tomorrow and rally into next week..anyway, here’s what I’m seeing:
AAPL (Apple): 786 support for AAPL is 114, and it’s lock step with S&P in terms of the ABC formation..the C wave is extending today and a break of 114 would setup a re-test of 109 as soon as tomorrow. Not a pretty formation, but on the 6 month chart it’s fine in terms of corrective waves..it’s just the short term that’s ugly.
AMZN (Amazon): AMZN doesn’t look as nasty as AAPL does, but it’s fading in a C wave and the A wave support sits at 662. I’m thinking ABC W2 flat to hold 662 at worst..that level holding and a reversal Wave 3…it’s holding up pretty well considering the circumstances. Good buy at 662.
FB (Facebook): FB has a double top B wave that’s plummeting in a C wave minimum..appears that it may do a retest of the A wave low at 99.5-100, but I’m thinking that support is pretty strong and it would reverse after testing it. Good buy at that range of 99.5-100.
NFLX (Netflix): Due to today’s drop NFLX may have run into 5 waves up, and may retrace all the way back to as low as 120 or previous 4 support..that’s not as bad as most stocks because momentum has been pretty strong in it..good buy at 120.