Today's Stock Waves Charts of the Day video covers EOG Resources, Inc. (EOG), Wynn Resorts, Limited (WYNN), 3M Company (MMM), General Electric Company (GE) and Netflix, Inc. (NFLX).
EOG seems to have bottomed in wave 3 of a slightly larger ending diagonal (c) wave, and looks to be in wave 4. It appears to have completed the micro a wave within wave 4, now pulling back in wave b. The c wave points to a near-term measured move up into the 76 region roughly.
WYNN appears to have tested the 61.8% retracement off the August low today, and let's see if we can get a reversal to begin circle wave iii of C to the downside. Shorts should set a stop above the B wave high at 141.
MMM, added to our coverage list last week, had a nice upside reversal following its wave 2 drop on earnings. The reversal appears to be a micro wave i of wave 3 higher, and the stock should now be consolidating in wave ii to around 166 to 163.50 based on the standard 38.2% to 61.8% Fib retracement levels. That region could be used as an opportunity to start or add to a long position with either a tight stop underneath the Oct 24 low or a wider stop beneath the October month low as shown on the chart.
Also in today's video we cover GE and NFLX. You can view the video here.