Apple
Is ready for the next part for the correction. A close below support at 505 confirms a continuation down to at least 463.64, but a more likely target is at 407.25 before wave iii of C is done. My long term target for this wave 4 is at 391.03, where wave 4 will have corrected 50% of wave 3.
Facebook
In my last post (http://theelliottwavesufer.blogspot.dk/2013/01/elliott-wave-analysis-of-facebook-wave.html) I said, that we would likely see a slightly new high above the ideal target at 31.28. With a new high at 32.26, that has been exactly the case, but the powerful decline from 32.26 indicates, that wave 4 is now under way. The first target for this wave 4 correction is at 29.12, but I would be very surprised if this support will be able to protect the downside. I find it much more likely that this wave 4 correction will be deeper and should at least decline to 27.18 and possibly even down to 25.61 before the final leg higher in wave 5.
after wave 4 completes, what would you expect for wave 5? maybe wave 5 equal to wave 1? you have made great calls on this name!!
ReplyDeleteHi Hedgiefundman,
ReplyDeleteThank you!
No I would expect wave 5 to be bigger than wave 1. In finding the possible top of wave 5 I will take the distance traveled from the bottom of wave 1 to the top of wave 3 and multiply it with 38.2%; 50% and 61.8% and add those number to the bottom of wave 4.
That would likely give us a target near 33.00 or a target near 34.75. I would bet my money on the 33.00 target.
This wave 5 target is calculated of a bottom of wave 4 at 25.50. The wave bottom might not be so deep, but only time will show us, where it's going to end.
Kind regards
EWS