Stock Waves Charts of the Day: KO, BMRN, MCD & AAPL

Today's Stock Waves Charts of the Day video covers Coca Cola (KO), BioMarin Pharmaceutical Inc. (BMRN), McDonald's Corporation (MCD), and Apple Inc. (AAPL).

KO appears to be completing an a-b-c down move in circle wave b from the Nov high, setting up for a move higher in circle wave c on the chart.  This chart actually performed fairly well in the initial downturn when the market topped in Sep & Oct last year, and I see the potential for the same set-up here in circle wave c of 3 with the market potentially approaching a top.

BMRN has a decent long potential, and possibly is in a 1-2 start to the c wave up off the Dec low.  The micro 3rd wave up of 5 waves in this c wave has a target between 116.30 and around 123.

MCD also performed relatively well when the market topped.  Wave a and b of the 5th wave higher are potentially in place, and may now be in a 1-2 start of the c wave up.  A break below the low reached last month near 173 would invalidate the 1-2 count.  As long it holds 177.65, then the stock should be good to turn back up in wave 3 of c next.

Moving to AAPL, I saw a few comments that suggest that because we're starting to exceed the prior Feb high that this is a breakout in progress and a reason the market can continue to drag higher.  While we can see a higher high compared to one that was hit at at the beginning of Feb, it was likely just a small extension of wave c of a, and this move up from the Feb 7 low being an ending diagonal 5th.  It may stretch a little bit higher in the 4th and 5th of the ending diagonal to complete c of a, but I wouldn't rely on this being a reason the market is going to blast off to new all-time highs. 

View the Stock Wave Charts of the Day Video here.

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.