We have been talking about this for the last 6 weeks, since the earnings drop, the need to get back above the $40.60 level.
We got that and most importantly we got a retest of the blue line at $40.60 EXACTLY and it has bounced extremely positively since.
Am I optimistic that this will...
2023-10-06 15:52:45 +0000 UTC View Post
Ok we got a drop at the opening but the $SPY did not make a new low and now we are up now pushing towards the +1%....this is a large swing and notably I spoke about this yesterday, wanting to get above the 50 Day MA on the 1hr chart, to show signs of reversing.
The price is above the 50 Day...
2023-10-06 15:47:43 +0000 UTC View Post
$WULF is another crypto mining company and gets a bit of attention too so I thought it would be suitable to have all the crypto mining stocks uploaded and to show how perfectly aligned they all are....$MARA, $CLSK and now $WULF....they are all waiting for $BTC to move higher next so these can go ...
2023-10-06 15:15:14 +0000 UTC View Post
Having a good day so far and found support at the bottom of the bear flag yesterday, my count still favours the corrective ABC wave to the downside and we can see the 200 Day MA getting closer and closer to our Wave 2 target.
There has been moments of this breaking to the upside in August ...
The $TLT 20 year is looking extended now, below blue line and looking as stretched as it can be as the US 10 year starts to top out, I have this bouncing shortly and moving up to our Wave C level next.
There is also a widening between the 50 and 200 Day MA, showing just how aggressive this ...
2023-10-06 10:01:59 +0000 UTC View Post
The $QQQ has a bit of fat to work with between where it is now and the 200 Day MA for support, almost 10%.
This is not in a bad state or vulnerable position, $IWM and $SPY need to get the bulls to step in as they are close to their crucial support levels.
Even if one of the Mega Caps ...
2023-10-06 09:58:44 +0000 UTC View Post
I am not buying this breakout of the 200 Day MA here, we saw a fake breakout of the $VIX in March and I feel the conditions then merited a very volatile time and even then the $VIX could not hold above the 200 Day MA.
So we will be looking for a retest of the 200 Day MA next and I suspect i...
2023-10-06 09:53:37 +0000 UTC View Post
The Russell 2000 is showing a slightly different story to the $SPY.
In order of strength, the $QQQ is behaving the strongest, followed by the $SPY and then in a distant third, the small caps from the $IWM.
The $IWM is below its 50 and 200 Day MA and has pulled back to the 0.5 Fib whic...
2023-10-06 09:42:33 +0000 UTC View Post
Ok I think today could offer some wild volatility, we could get a flush to the 200 Day MA in the market, and when I mention the market like this, I mean the $SPY moving down to test the 200 Day MA on the daily chart at $418. I personally think it bounces from there, as I have seen enough to think...
2023-10-06 09:32:28 +0000 UTC View Post
Interesting here from $AMD, the pull back this week managed to find support on the 50 Day MA on the 1hr chart but is still struggling to get above the 200 Day MA on the 1hr chart, having been rejected twice here now since the potential low came in.
So there is certainly a fight going on her...
2023-10-05 20:19:08 +0000 UTC View PostPlease share your thoughts so everyone can see what the group is most interested in right now as we itch closer to market support.
Maybe collectively we can identify a stock that offers the most reward at this level.
I highlighted $PSA last week and said that I have been really impressed with this chart and on last weeks chart I have uploaded the longer time frame and you can see the potential.
The main attraction to this chart is seeing how well this is holding the 0.618 Fib for Wave 2.
The price...
2023-10-05 18:43:56 +0000 UTC View Post
$ABNB is one of the first stocks to test the 200 Day MA that we have been watching from the large and mega caps.
It is also just above the trend line that has been in place all year and the trend line we used to add again at in June to ride this up to $150 before selling.
This could n...
2023-10-05 15:58:34 +0000 UTC View Post
$SPY and the 200 Day are destined now....so there is more blood today but until there is a test at this level, I don't see any reversal until then and none of us should be surprised to see this happening.
Any pull back in the market can be amplified on individual stocks.
There are a l...
2023-10-05 15:54:56 +0000 UTC View Post
For the last week we said that a test of the blue line at $40.60 was possible and in fact it would be needed and encouraged to confirm that this level has been flipped to support.
So far we have had one test of this level and it hit this level exactly and then bounced, showing again just ho...
2023-10-05 13:41:06 +0000 UTC View Post
$JPM and the $SPY could not be any closer to their respective 200 Day MA if they tried, this is such an important area for so many stocks, if the market holds the 200 Day MA, we are finally seeing the bottom and we get the much needed and well deserved rally until the end of the year.
$BAC ...
2023-10-05 13:27:32 +0000 UTC View Post
Remains in bounce territory, the blue line has held support 4 times since 2020 here at $116 so this is an important level to hold.
I have the next move up to Wave C if this can hold the blue line level so this is certainly something to watch and it has been beaten up heavily to get down to ...
2023-10-05 13:23:05 +0000 UTC View Post
Has been really enjoying the higher interest rates for longer conversation and we can see on the chart that the price tested the blue line momentarily and bounced perfectly on it and has proceeded a lot higher.
These blue lines which are support/resistance lines that I have developed are so...
2023-10-05 10:31:39 +0000 UTC View Post
Is down in the PM on news that they are planning to sell $1.5 Billion of convertible bonds....this is not uncommon but will certainly affect the price in the short term.
We saw $FSR recently did something similar and dropped but recovered almost entirely on the same day.
That being sa...
2023-10-05 10:19:21 +0000 UTC View Post
No real update here but I know there are holders here so I wanted to update so people know where the support levels are and what to be looking for.
$LUV is struggling around the 0.887 Fib at $27, we know a lot of stocks have been at this Fib level lately, notably our favourite: $NIO, and it...
2023-10-05 10:04:01 +0000 UTC View Post
A lot of the crypto companies are all painting the same story, they are in their corrective phase now with Wave C looking quite extended, here we can see $CLSK losing the 200 Day MA and the 0.618 Fib and looking like it is enroute to the 0.78 Fib.....although there appears to be a lot of red, thi...
2023-10-05 09:49:00 +0000 UTC View Post
Nice day yesterday, having held the 50 Day MA on the 1hr chart for the last few days and then started to drift up towards the end of the day yesterday, so we get a happy group.
The 50 Day MA is at $8.60 right now, so even though the PM is red and has been most days this week, this really do...
2023-10-05 09:40:45 +0000 UTC View Post
What is an Impulse Wave (Motive Wave)?
What is a Corrective Wave?
What are the Subwaves of these Waves?
The main points to take from Lesson 2:
Is moving well here after hitting the trend line support level, there is of course still a lot of work to do while this is still in this wedge.
First it needs to get above the 50 Day MA and the top yellow trend line, then the 200 Day MA and the historical Blue line ta $4 which is a strong s...
2023-10-04 20:20:14 +0000 UTC View Post
Airline stocks are back on my focus again too as they have been beaten up heavily. We monitor $LUV closely but it is worth nothing that $AAL, $UAL and $DAL have all been experiencing strong pull backs lately,
I have been meaning to add in again since selling $DAL before their earnings in Ju...
2023-10-04 20:11:09 +0000 UTC View Post
Hit the 0.618 Fib exactly today ($23.65) and at one stage was down -6% and is recovering nicely at the moment with a bounce on the 0.618 Fib at $23.68.
There are 3 clear waves now in this pull back and $ONON set new sales targets today, so this likely caused a stop loss raid as large invest...
2023-10-04 19:50:54 +0000 UTC View Post
$NEE Energy has been feeling the brunt of this decline and has sharply fallen over the last few sessions and looking like it will test the 0.887 Fib for support at $49.
Its COVID low is at $43, from a peak of $93 so this has fallen remarkably.
Wait for support before considering addin...
2023-10-04 19:46:12 +0000 UTC View Post
That was extremely close by $DNA to becoming invalidated in its current form. The price came right down to the Wave 2 low on the chart and bounced, a break below this level means that Wave 2 is not complete yet, an Impulse Wave is still valid as long as the price does not go below the bottom blue...
2023-10-04 19:14:10 +0000 UTC View Post
The sharp drop in oil price has pushed $OXY down aggressively now and below the 50 and 200 Day MA, in the previous chart we were optimistic that $OXY was performing remarkably well and only pulling back to the 0.38 Fib at the 50 Day MA.....but this market has caught energy stocks too and has this...
2023-10-04 19:08:01 +0000 UTC View Post