Video Chart Analysis on AMZN, MU, SQ and CO

Our Stock Waves Charts of the Day Video covers Amazon.com, Inc. (AMZN), Micron Technology, Inc. (MU), Square, Inc. (SQ), and Global Cord Blood Corporation (CO).

AMZN continues to push higher, now having successfully cleared the prior May high, and is now approaching the late 2018 high at 2050.  That 2050 level is upcoming resistance, with a 100% measured move just above there at 2081.50.

We're still looking at this as a b wave off the December low, with a nice 3-wave shape to this move, with the move off the June low being the 5th of wave C.

MU is a chart that we were able to confidently point to a wider b wave flat likely filling out off the December lows. And the move we've seen to the upside since then has not disappointed.  

But the high probability portion of this move is behind us, so you may want to start trailing that with a stop, probably just underneath the 200-day moving average, which is currently at 38.50.  

So as long as we're above there, we can still stretch a little higher.  That 61.8% retrace at 47.22 would be ideal to tag before this wave C of (B) completes.  A break back below 38.50 would be our warning sign of a potential top is already being in place.

SQ is another chart we pointed to as easily being able to fill out a wider flat off the December low.  Some of you took this trade when price was entering the target support 61.8% retrace at 60.50, but this actually has a bit of meat left on the bone. So if still looking for an entry, may be worth considering.

If we have a 1-2 start to our wave C of (B) here, that puts the target for wave 3 of C at 92.43, so there's room for price to continue to the upside before consolidating in wave 4 of C.

However, consider a stop below 73.  Or under the June 25 low at 69.15.

CO is our last chart.  Price has now satisfied a corrective 3-wave pullback with the most recent low at the 50% retrace struck last month.

However, we'll need confirmation of a bottom here, with a higher degree 5-up and eventually crossing above this prior high here, at wave 4 of C at 7.70. 

View our 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.