Please seen my last Apple-post from July 7 here:
http://theelliottwavesufer.blogspot.dk/2013/07/elliott-wave-analysis-of-apple.html
We got a very deep wave ii to 391.50, but as I said we should not see a break below the start of wave i at 385.12 if the bullish Count was correct and it seems to be so. With a new five wave rally of the 391.50 low and now a break above the resistance-line from the top of wave i at 465.44 we should see the next part of the impulsive move higher. we are now entering red wave iii of wave iii higher and it should be a dynamite rally higher towards at least 544.00, but I believe it will be much strong and continue all the way towards 603, but time will tell.
Short term I would like to see a break above the base channel resistance line to confirm, that red wave iii is well under way.
Please see my post from May 25 here first: http://theelliottwavesufer.blogspot.dk/2013/05/elliott-wave-analysis-on-facebook_25.html
Well, as can be seen the count from May 25 didn't Work out as expected and I have had to change my longer term count (please see the new count above). However, the new count has not change the long term positive Outlook, which still call for much higher levels for Facebook.
As you can see above I place the end of wave 1 at 31.99 and we have seen a Deep wave 2 Down to 22.90, which was a Little below the 61.8% retracement of wave 1 and it seems wave 3 higher is well under way now. A break above the resistance line from the 31.99 high will be a very positive sign and I will be looking for an extended wave 3 higher towards at least 47.21 and possibly even higher.
As with NovoNordisk, also this time your timing for publishing a revised analysis was horrible. Facebook jumped to 33 at the opening bell. Apple also jumped but leaves more margin. Such a shame. Obviously you don't have a crystal ball, but it hurts...
ReplyDeleteHi Therapeter,
DeleteWell this Things happen from time to time. I would never have expected Facebook to open up 23% above the close yesterday. However, this is what happened. You can of cause blame me of being untimely in my call, but if you have folowed my analysis on Facebook and Apple you will know that I have been bullish on Apple since 392 and on Facebook since its low near 17.55 (take a look at this post: http://theelliottwavesufer.blogspot.dk/2012/09/facebook-bottom-in-place.html).
Yes I did mis-Count Facebook and thought, that the decline from 31.99 wave a wave 4, but I did say, when That Count was wrong so the revised Count should come as no surprise, but I can understand your frustration. However there is still a 42% gain to my 47 target, that's no so bad is it?
Kind regards
EWS
Well, I really can not blame a free service :)
ReplyDeleteWhen your last count failed, I decided to take my losses and wait for an update, since I trade with leverage and had no clue how deep it could go. I remember asking for an update a few weeks ago, but as your advice is free, I didn't want to push. Hence my disappointment. No worries, I'll get over it.
I suppose there will be something of a pullback closing some of that gap. I'll wait for a new occasion to step in. Stoch & RSI are at highs now.