Elliott wave analysis of Apple and Facebook

 

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.

Elliott wave analysis of Apple and Facebook

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 Apple - See my post from October 8 here first: http://theelliottwavesufer.blogspot.dk/2012/10/elliott-wave-analysis-of-eurusd-eurjpy_8.html.

With the clear break below 617 there should be no doubt anymore. Wave 3 peaked at 703.86 and we should be looking for a multi month and pretty deep correction. As a minimum I am looking for a decline towards the 522 -556 area. More likely we will see 522 than stop at 556 and head higher.
As wave 2 was a simple deep zig-zag correction we should be looking after some kind of flat correction or a more sideways drawn out triangle, but it's way to early to tell which kind of correction will play out

Facebook - The bottom of my target area between 18.79 - 19.77 has now been tested with the low yesterday at 18.80. There is no more room for correcting to the downside and we should now been looking for a break above 20.48 as the first indication that the correction form 23.36 is over and a new powerful impulsive rally has begun. Longer term I'm still looking for a rally to at least 27.37 and likely even the top of wave B at 33.45.