Interest Rates Remain Unchanged

Interest rates remain unchanged. The Federal Reserve decided to let the easy monetary policy continue towards year-end. This could set-up for my 5,800 upside target price for the NASDAQ. I will try to get out an update on the NASDAQ now that the Fed decision is out of the way.

But in the meantime, let’s review some chart for a handful of individual stocks. Also check the Idea Chamber for MU & PANW, I posted a couple of charts in there with their respective upside target prices to watch out for in the next couple of weeks.

AAPL – Apple

APPL’s share price surged like nothing we’ve seen in a couple of years. It has left several gap-ups in the process, some of which just got closed with the pullback.

This is a 3 month daily candlestick chart and an outline of the mini Bullish Impulse Wave Pattern that developed. AAPL could have a trade left which would be to sell around or above the previous uptrend’s high and then look to repurchase those shares on an anticipated Wave 4 pullback.

Examining AAPL’s Surging Share Price From Last Week

MGNX – Macrogenics

Macrogenics share price was stubborn during the previous pullback like most biopharmaceutical stocks, staying about 10% above my preferred purchase area and where I thought the current pullback was going.

Analyzing MGNX’s Potential Elliott Wave Pattern & Preferred Purchase Area

If MGNX does not rise above its previous uptrend’s high during this current uptrend, there is still a chance that MGNX’s share price sees the preferred purchase zone before attempting to develop its next Bullish Impulse Wave Pattern. I’ve widened the preferred purchase area to include the price territory all the down to the Wave 1 area.

As I mention in the next update for TWTR, I may have been too quick to try and determine that its downtrend was over. Twitter’s Waves A, B & C all developed slightly longer than anticipated, however the final result was Wave C ending in my preferred purchase area.

Make sure to keep any cash handy for any subsequent pullback.

TWTR – Twitter

Twitter had a successful Thursday night football debut last week. If you bought any shares of TWTR in my preferred purchase zone, congratulations as you are already up over 10%. My preferred purchase zone was discussed in this article for TWTR “Twitter TWTR 8/20/2016 – Buy-In Price Calculated”.

Here is a 9 month daily candlestick chart with an update on the preferred purchase zone. The black trendlines are the original Zig-Zag Wave Pattern that I anticipated. The actual Waves are outlined with the red trendlines. While I may have been off with the timing, the preferred purchase area was spot on.

Analyzing TWTR’s Estimated Elliott Wave Pattern vs Actual

In order to improve on the timing of the Zig-Zag Wave Pattern, I should have looked at the total number of uptrend days and then used some Fibonacci ratio percentages to calculate or estimate the length of the downtrend. TWTR could look to re-test the $17.50 Wave C bottom one additional time – make sure it holds before staying long.