Update Aug 5: Four Mag 7 Elliott Wave Targets to Buy: $AMZN, $MSFT, $AAPL, $TSLA

Note: This is an AI Generated article with Chat GPT

As market volatility continues to present challenges and opportunities, understanding the Elliott Wave patterns of key stocks in the Mag 7 can help investors make informed decisions about entry points. Here, we focus on Amazon ($AMZN), Microsoft ($MSFT), Apple ($AAPL), and Tesla ($TSLA), analyzing their recent price movements and potential buying targets based on Elliott Wave theory.

#### Amazon ($AMZN)

Amazon has been navigating a Wave 4 correction or possibly a deeper Wave 2. The Wave 3 rally saw AMZN move from 119 to 202. Typically, a Wave 4 correction would hold at a .382 Fibonacci retracement level, which is around 170. However, AMZN recently dropped to 160.

- **Recent Action**: AMZN hit a low of 151 before reversing above 160 as of 10:54 AM ET today.
- **Buying Opportunity**: The drop to 151 suggests a deeper Wave 2 correction, potentially targeting the 145–150 range. The bounce back above 160 indicates some buying interest, but for a more secure entry, waiting for a drop to the 145–150 range would be advisable.

#### Microsoft ($MSFT)

Microsoft completed a significant Wave 3 move from 312 to 467 and is currently in a Wave 4 correction. The .382 retracement level for MSFT would be around 408.

- **Recent Action**: MSFT hit a low of 385 and bounced back to 400 as of 10:54 AM ET today.
- **Buying Opportunity**: The drop to 385 and subsequent bounce suggests that MSFT may have found support. If the market trends upward, buying at the current level around 400 could be advantageous, with a watchful eye on the 408 retracement level as a confirmation of support.

#### Apple ($AAPL)

Apple’s Wave 3 took it from 125 to 235. A Wave 4 correction would typically bring AAPL down to the 195–200 range, aligning with a .382 retracement.

- **Recent Action**: AAPL hit a low of 196 before bouncing above 209.
- **Buying Opportunity**: The bounce from 196 indicates that AAPL has found support in the anticipated retracement zone. Buying within the 195–200 range remains a sound strategy, capitalizing on the confirmed support and potential for further upside.

#### Tesla ($TSLA)

Tesla’s Wave 1 was a strong move from 140 to 270. The current Wave 2 correction is nearing the .618 retracement level, which is around 195.

- **Recent Action**: TSLA dropped to 182 and then bounced back to 195.
- **Buying Opportunity**: The drop to 182 and rebound to 195 suggests that TSLA has reached a significant support level. Buying at or slightly below 195 could be a strategic entry point, anticipating the completion of the Wave 2 correction and potential for the next upward move.

### Conclusion

The Mag 7 stocks — $AMZN, $MSFT, $AAPL, and $TSLA — are exhibiting distinct Elliott Wave patterns that present both risks and opportunities.

- **Amazon ($AMZN)**: The drop to 151 suggests a deeper correction, making the 145–150 range a potential buy zone.
- **Microsoft ($MSFT)**: The bounce from 385 to 400 indicates support, with 408 as a key level to watch for confirmation.
- **Apple ($AAPL)**: The support at 196 aligns with the anticipated retracement zone, making 195–200 a strong buy range.
- **Tesla ($TSLA)**: The rebound from 182 to 195 suggests the .618 retracement level is holding, presenting a buying opportunity around 195.

Investors should combine this technical analysis with broader market insights and individual risk assessments to make informed trading decisions.