The WAAAX share prices have been a hot commodity on the ASX 200 for years.
Afterpay Touch Group Ltd (ASX: APT) and Appen Ltd (ASX: APX) have achieved enormous growth in a short space of time.
It's been a similar story for WiseTech Global Ltd (ASX: WTC), Altium Limited (ASX: ALU) and Xero Ltd (ASX: XRO).
The good news is these ASX growth darlings could be in the buy zone this November, after most posted significant declines last month.
How did the WAAAX share prices perform in October?
October was a tough month for ASX 200 stocks with the S&P/ASX 200 Index (INDEXASX: XJO) falling 1.18% lower last month.
The WAAAX share prices were hit particularly hard as Afterpay shed 18.22% and WiseTech shares plummeted 25.31%.
The news wasn't much better for Altium shareholders as the company's shares fell 5.69% to $68.99 per share.
Appen shareholders would be happy with their 0.83% gain in October given other WAAAX share price woes.
Xero was the only member of the group to post any solid gains as the company's shares climbed 8.10% in October.
Why did the Aussie tech shares fall lower?
WiseTech was the company that grabbed headlines in October due to its ongoing battle with short-seller J Capital Research.
Afterpay was subject to a 'Sell' note from UBS with a $17.25 per share price target, which sent the company's shares tumbling.
The Altium share price losses went largely unexplained as valuations returned from some spectacular highs.
Xero saw share price gains as it added RSM Australia to its books in mid-October.
It looks to me like October was just a month where the market tried to settle on a fair value for the hot tech stocks.
Are the WAAAX stocks undervalued in November?
Heavy declines often indicate overselling on the markets and this could be the case in November.
With Afterpay and WiseTech shares down nearly 20% each, it could be the opening that investors are looking for.
Even after the October declines, these WAAAX share prices trade at extremely high price-to-earnings ratios.
Should they deliver on that promise, the current valuations could turn out to be a dirt-cheap bargain.
