The strong monthly reversal from the measured move target I think can strongly suggests a peak is likely place for wave [5], staying below 85.00 favors more weakness. If you own this stock, you may want to respect the monthly outside reversal. That is generally considered a bearish sign. If an impulse wave is completed (5 wave advance), then a 38.00 -50.00% retracement would be favored.

A 5 wave decline from the May 2017 highs would be a strong reversal sign.

Edit – (16th Jun 2017)

Another idea that is possible is that if the current decline is in 3 waves, then we can label it as wave 4 of an ending diagonal for wave [5], so a marginal new high can also end wave [5] and setup for a major reversal.

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Another “Trump phenomenon”  stock that has enjoyed the benefit of the new administration policies, although it will yet to be seen if any of the policies will be fully enacted. That aside, the structure from the 2016 lows, strongly resembles that of an impulse wave. There are now enough gyrations to suggest a large 3rd wave is close to completion. So if you own this stock you may want to consider scaling out and locking in some profits.

The favored idea is to see a pullback in 3 waves to around 46.00 to end wave 4, followed by further upside for wave 5. Technically speakings its actually possible to label it as a completed advance, but based on the way some other stocks appear, I like the idea of a pullback soon for wave 4, followed by further upside for wave 5 as shown.

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This stock has been on one serious tear recently, seriously one impressive rally, however I do think its time for a breather and a pullback. I am working the idea of a impulse wave as part of a much larger impulse wave. Currently I think its close to ending wave 5 of [3], It may have ended, if today’s candle holds.

A pullback towards 205.00 is favored in 3 waves, that would be a healthy correction to correct weave [3], then I would be looking for further upside for wave [5] once wave [4] has ended.

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The move from the Nov 2016 lows is one impressive move to say the least. I think its common knowledge that the majority of the recent upside on the QQQs is from a certain number of stocks. So until those tech stocks reverse or appear to suggest a reversal, then the QQQ/NDX is likely to continue higher.

Looking at the structure, it still can be counted as a possible impulsive wave from the Nov 2016 lows, although I will admit the recent top we just saw prior to the new high, I thought was the end to a 5th wave and ended an impulse wave from the Nov 2016 lows, so I was surprised to see new highs. Having said that, the look on stocks like Facebook and Apple could be supporting a potential reversal and the end to the trend from the Nov 2016 lows.

Ideally both AAPL and FB push to new highs and end a possible 5th wave of an impulse wave that started from the Nov 2016 lows, if all 3 markets can align and FB and AAPL make new highs to align with the QQQs, then we have a strong setup to potentially see a peak and end the trend from the Nov 2016 lows.

COMPQ

QQQ

FB

AAPL

If the recent upside stays below 23.40 I am favoring further weakness back under 22.55 to end a more complex corrective decline to correct the recent advance from 20.89 – 23.67. Overall the setup remains bullish whilst its above 20.89. So regardless if we see more downside or not, look to buy the pullback, stops need to be put at 20.89, a corrective decline in either 3 or 7 swings is a bullish setup and offers the bulls a change to jump back in. Ignore the news or sentiment, focus on what price does.

Stay bullish above 20.89.

Before

Forecasting a rally

Forecasting a decline after a completed impulse wave.

After

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