Video Chart Analysis on AAPL, AMD, ALGN, ILMN & AMGN

Our Stock Waves Charts of the Day video last night featured wave counts on Apple Inc. (AAPL), Advanced Micro Devices, Inc. (AMD), Align Technology, Inc. (ALGN), Illumina, Inc. (ILMN) and Amgen Inc. (AMGN).

AAPL was up after hours about 2% on earnings, which could still be this A wave pushing a little higher.  Maybe at this point it stretches all the way up to 165 rather than having already started the B wave lower.

In the larger multi-month perspective, AAPL appears to be just starting a bigger circle B wave higher towards the 190 range.

AMD started to turn down from the possible B wave top, and could have actually completed a stretched-out 5 waves down into the close yesterday.  They released a little early and got an initial pop that looks like it may have retraced about 50% to 61.8% of the initial move down.  So this really could be a 1-2 start of the C wave that we're looking for down off the 22.35 high.  

Certainly if this fades and breaks the 18 level, we should get some nice follow through down towards the 12 range.

ALGN, with only 3 waves up off this low, clearly needed a drop, and has certainly gotten it on earnings, and has risk of an extension down in this A wave.

ILMN is another one that should be making at least one more low here to complete 5 waves down in the c of (4), which would mean a drop towards the 260-250 region.

AMGN is another of the earnings names.  It could have completed a wider circle b wave, and, having gotten a nice 2-3% drop so far, could be filling out the rest of this circle c wave lower.

View the video here.

Zac Mannes is a senior analyst at and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.