we have 4 aspects of FB that show the ATH to be significant resistance.
two 1.618 extensions, key trend line resistance and a projection from the ATL and while it exceeded .618ab*cd you can see as discussed in this blog it did hit the .68179ab*cd (musical note ratio) so we can see why this level/area was big resistance. I would watch for a close below (weekly close) 250 for a significant pullback to be in place.
11/5/2016 – I really enjoying blogging for Andy @seeitmarket. he’s such a great dude, great family and he’s created one of the best resources for quality and professional research. Over the past year or so (yes, year or so) he’s given me the opportunity to blog/write for his site. Every once in a while I’ll text him and say “what do you want” and he’ll give me some ideas. Over a year ago he told me to start watching the FANG gang. So, I did …
F- Facebook
A – Amazon, Apple (you pick)
N- Netflix
G- Google
over the past couple months, these stocks have been responsible for 25% of the NASDAQ’s gain. That’s a heck of a lot of exposure ….but, in the end, the geometry told the story. here’s the story …
Facebook: http://www.seeitmarket.com/facebook-stock-update-fb-big-moving-coming-soon-16078/
Amazon – http://www.seeitmarket.com/shares-amazon-amzn-nearing-top-trading-15950/
Apple – http://www.seeitmarket.com/aapl-stock-update-heres-bullish-aapl-buy-setup-15618/
Netflix – http://www.seeitmarket.com/netflix-reverses-could-icahns-move-mark-nflx-stock-top-14506/ (note, this one went to a 1.27 x AB-CD pattern)
Google – http://www.seeitmarket.com/alphabet-stock-googl-critical-time-price-juncture-investing-16218/
what the articles show is these stocks are hitting / have hit MAJOR targets and, well, believe it or not could be in for some very very turbulent times in the coming weeks/months.
Stay tuned, but if history is any guide, one would expect some clear leadership from these names but they have hit major patterns and square outs SO … not sure what the fundamentals are telling us but based on this past weeks action they appear to respecting the geometry/vibration/patterns present based, simply, on numbers and math and music and blah blah blah.
stay tuned and let me know if you have any questions.
Navy over Notre Dame – woot woot.
Bart
pay attention to the converging LOG trend lines
B
IF you believe that EVERY thing is vibration (some do, some don’t) THEN you might believe that stocks bounce around according to the energy they VIBRATE from their IPO and/or key inflection points (highs and lows, etc).
IF you also believe that the PATTERNS I post every now and then are governed by geometry THEN you’ll start to see and understand that the most “basic” yet fundamentally important aspect of what we are doing is based on 30,60,90 degree angles.
FAR too often we just use TIME or just PRICE and draw trend lines or “static” time cycles w/ a cycle tool. Does that work? Sometimes yes, sometimes no BUT the key here is to SEE the chart (HINT HINT take off all the lagging indicator bullshit) and just look/study a chart based on PRICE and TIME.
FB .. has changed the world man. Cool .. but to me, it’s just a chart and a powerful chart. ZERO swing low has been broken (on close) and I recently sent in my submission to Andy @seeitmarket for an update of a post I did using LOG trendlines and to BUY at 88. I’m updating it because we are “converging” from the top and bottom (LOG scale) and it’s going to go either way. (Guess what, I don’t claim to know which way..) But, it’s something to take notice …I’ll send the link once it hits the presses.
So, after doing that post I decided to draw some pictures before heading out on my new Stand Up Paddleboard.
That’s it .. now, simply create squares.
***NOTE: FB has “never” closed (weekly basis) above the center trend line (the median and YES that is where we get the Adam’s Pitchfork). Note the blue boxes … every time it “touched” the center trend line it was rejected …NEVER closing above.
Now, someone w/ a fundamental background please tell me what P/E, multiple, forward earnings and all that other crap has to do w/ that trendline generated from a square?
One last, if you want, use PLANETS to draw trend lines. Yes, planets .. folks, the planets are causing all the energy/vibrations anyway. they NEVER change speed (heliocentric) and leave footprints all over the place. I’ll use Saturn, Jupiter and Mercury on $CMG and lets see what happens. PROMISE I HAVE NEVER DONE THIS BEFORE …here’s what I am going to do:
Bart
03/14/2016 – update
the move down to 16 did not materialize but do believe the Mirror Image Foldback is still working. Put this one on the radar screen as it appears to be getting ready to blow. An update chart below:
PUT THIS ONE ON THE RADAR SCREEN ….
now, look at these relative strength charts of CSCO vs FB/GOOGL/AAPL/AMZN
believe it or not … the glamour names certainly look to be under pressure from CSCO and it “should” start to outperform on a relative strength basis. With this type of underlying strength, watch for the breakout noted above.
Let me know if you have any questions.
B
Here’s the chart that I quickly uploaded to StockTwits from my e-signal feed BEFORE $FB announced earnings. (by the way, Howard, AWESOME functionality .. so easy to use and to do. NICE)
now, I know I’m going to get tons of hate mail tonight … look, I get that they had an AMAZING earnings release. but, work w/ me, I understand none of that … honestly, I really don’t understand it. I’ve work my way thru the market as pure play pattern recognition dude. sometimes I’m right, sometimes I’m wrong BUT ALWAYS know where the pattern has failed.
you can see the PATTERN called for $FB to tag 108-110. Guess what? It did! And?
now for the IF-THEN .. IF we break (daily close below 104 THEN this could be a big top for $FB.
CONCLUSION: sell patterns are complete. IF FB continues higher w/ thrust and momentum then it is extremely BULLISH. But, if we start selling off … then might look to take some profits based on your risk tolerance.
OK, I just ducked at all of the hate objects that were thrown my way … calling it like I SEE it and not believe it ….
cheers!
Bart
here’s post from September 2013 showing BUY recommendation on FB in/around 16-18.
here’s a look at the high flyers w/ FB included … “this stock is going to get smoked” was pre-mature but do believe the RED ARROW is where it’s going. Correction should take it down to HIGH of IPO price around 42 bucks.
http://bartscharts.com/wp-content/uploads/2013/12/main20131230153946.png
where are we now …? Sure looks like a nice 5 wave advance occurring. So, it’s just a matter of time before it cracks….
THANKS for the question … would be looking for TOPPING areas in/around now to the 72 level as it does appear we have finished a 5 waves sequence. Bullish trend to continue w/ support found in/around 54-60.
Hope this helps …
Bart
my last post on the high flyers was the following:
A look at the high flyers in 2014 – all lower significantly!
here’s the update:
I am neither bearish nor bullish. I am a pattern recognition trader that puts everything into the context of human behavior. the rally from 2009 is so over stretched that 2014 will bring, potentially, a down side move of enormous proportions. There I have said it …simply based on the MONTHLY (read long term) SELL PATTERNS present this is going to be a THUMP. If the PATTERNS FAIL (which they do, obviously) then the band will play on … I just don’t see it happening and, quite frankly, i am alone in my thinking.
The bullishness present RIGHT NOW is the most extreme it’s been in the history of the stock market …do you want me to type it again? Here’s a look at the high flyers and, again, I think they will all be lower, significantly. Hope I’m wrong…
GOOG: note the same pattern and measured move that is present. Tried at/around 925 and got my clock cleaned. in prove it mode now … but sure looks done.
AMZN: a 5 wave count is present and I was looking for a top lower, but got run over by the euphoria present in the market. this doesn’t change the count, it’s just going to hurt that much more …
PCLN: again, a clear 5 wave count present and a high flyer of AMAZING proportions .. perhaps a little higher to targets shown? but 5th wave is weakening.
TSLA: bounce occurred as expected .. believe it will start, in earnest once the new year rolls around.
TWTR: bouncing today, but possible count complete. believe this stock is going to get smoked
FB: unorthodox count but one that makes sense .. basically, this entire move has been a corrective expanded flat and FB will go to single digits.
