Elliott Wave Plus
Daily Trend Report on the FANG+3 stocks for October 19, 2020
Scroll down to view today’s Trend Charts of the FANG+3 stocks (FB, AAPL, AMZN, NFLX, MSFT, GOOGL, & TSLA)
The Dow Jones Industrial Average was down 410 points (1.44%), the S&P-500 was down 56 points (1.63%), the Nasdaq-100 (NDX) was down 217 points (1.84%), and the Russell 2000 was down 20 points (1.24%). Within the FANG+3 group, all seven stocks were down on the day. The daily trend is still up on all seven, but five of the seven are now on relatively new sell signals. All seven stocks appear to be rolling over having failed to make it back up to their early September highs. In Elliott wave speak, the stock market may have started down in either a wave C or a Wave 3 to the downside, starting at the Tuesday high last week. Both Hurst cycle analysis and the cycle analysis tool at the Foundation for the Study of Foundations website concur that sideways and/or downward movement is likely through at least late November. It’s time to set some Fibonacci targets. Subscribe to my Basic or Pro Plans for more info. Here are today’s educational trend-following-system screenshots, including on-chart commentary:
(click on each screenshot to enlarge)
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