2018.12.19 FAANGs may stage a slight recovery before final down
Looking at the "triple A" FAANGs (Apple, Amazon, Alphabet), the ladder two which actually looks more bearish than Apple, they seem to be making a slight recovery.
Alphabet (GOOGL) may go up to about ~1,166 and Amazon may go to about ~1,860 before resuming a final down leg to the final targets of this market correction. Obviously, we don't know for sure, but we will watch the market for a reaction at these confluent zones, to confirm a low-risk short.
The overall story is a slight recovery with a lower high, then continuing down, stopping at a lower low than when the market began dropping around September/October.
My take is that if this happens, it would be a good opportunity to load up some, as I believe this is currently only a market correction, and not a full blown recession... yet.
Alphabet (GOOGL) may go up to about ~1,166 and Amazon may go to about ~1,860 before resuming a final down leg to the final targets of this market correction. Obviously, we don't know for sure, but we will watch the market for a reaction at these confluent zones, to confirm a low-risk short.
The overall story is a slight recovery with a lower high, then continuing down, stopping at a lower low than when the market began dropping around September/October.
My take is that if this happens, it would be a good opportunity to load up some, as I believe this is currently only a market correction, and not a full blown recession... yet.