Amazing AMZN, Gobbling GOOGL, Shameless FB
AMZN was in Wave 4 triangle correction all of 2014, and Wave 5 in 2015. AMZN is so close to topping out and heading back to the $300-$350 range before finding intermediate support. Ultimately the bear market will drag AMZN down to $30 where larger WAVE 4 ended.
GOOGL started its Wave 1 rally in 2009. The Wave 4 consolidation started in late February 2014. Wave 5 started in April 2015. little wave 5 stared in late September 2015, and is nearly complete. A major bear market should start any day and eventually find support in the $500-$550 area, where Wave 4 ended. The bear market should drag GOOGL down to the $150-$200 area before it is over. This is where larger degree WAVE 4 ended.
FB is more difficult to count because it does not have as many years and the advance from October 2014 to April 2015 was choppy. Volume was very strong in the rally from July 2013 to March 2014, which was the strongest rally in percentages. volume is about half in the rally the past 2-3 months. The rally the past 2-3 months looks like a completed motive wave, and synchronized to move lower with AMZN and GOOGL. The bear market should send FB below its IPO price in the teen$. Remember, FB is a positive social mood phenomena. When people are happy, they want to include people and share stories. FB reflects that. When mood turns negative, how will people reflect their mood through FB? In the past year one of the DJ's on the radio station I listen to has been "unfriending" people on FB. That's a good indicator FB is at a top.
