Today's Stock Waves Charts of the Day video covers New Age Beverages Corporation (NBEV, Amazon.com, Inc. (AMZN), Alphabet Inc. (GOOGL), and Vail Resorts, Inc. (MTN).
NBEV was one of our larger movers today. It seems to be still be cooperating with the potential that a significant low was struck in November. We're still waiting for a clean 5 waves up off that low to confirm, which would be wave 1 of the larger 3rd wave.
The best fitting count to give us 5 wave up shows price close to completing circle wave iii of 1, which would set up a near-term fade in circle wave iv of 1 towards support in the mid-4's, then setting up for circle wave v to complete wave 1 near 8.00.
Let's look at a few of the large cap companies, starting with AMZN. Assuming a possible B wave bounce has completed at the high at the beginning of the month, AMZN may have completed the first two waves of the C wave down, and may be ready to turn down in what would be wave iii of C.
If that's the case, a 1.618 extension should be the expected target at 14.24. So if AMZN should start heading down and break below the prior B wave low at 16.18, that would likely trigger that third wave down to retest the prior November low.
GOOGL is fairly similar in its set-up. From the high at the beginning of the month, the same possible 5 waves down is what would be wave i of C, and so far it has had a nice 3-wave bounce in what could be wave ii of C. That bounce has come slightly shy of the .618 retrace at 10.95, so perhaps it wants to make one more attempt at tagging that resistance before turning down in wave iii of C towards 958-937.
Also covered this week is MTN, which appears to be in wave iv of C, possibly heading to 207 as wave v of C completes.