Steve666

Steve666 Updated 

Calling a meaningful top in this equity market for most, has for the most part, been an unrewarding excercise. Better to read the tea leaves ... go with the new trend/correction and try to profit from it. I believe there is a Bearish Wolfe Wave formation in process for the SPY. On my chart I have marked an ideal top in the 545-547 area. BUT I also need...

Steve666 Updated 

I am seeing a Wolfe Wave formation, breaking today. The target is in early March to around the $530 level. That would be an approximate 1/3 drop of MSCI's runup since late October. Note this is a 65-minute chart view. MSCI's current beta is 1.13 Insert #1 is the last Wolfe Wave in late 2022, with favorable results. Insert #2 is the current WW where W5 has been...

Steve666 Updated 

JPM, and for that mater virtually all bank shares have had an incredible run since late October. The acid test will be the JPM earnings release this Friday… will loan provisions, a more accurate mark to market accounting and delayed tax selling finally catch up ?? … Stay tuned. Harmonically we are in an interesting crossroads with a 5-0 harmonic pattern in...

Steve666

Here's a look at the USD using the DXY as our proxy. Observationally: 1) nice orderly ABCD pattern on the way up 2) a developing bearish harmonic crab pattern targeting 100 (+/-25) 3) a Wolfe Wave which helps define a reversal entry and upside profit target 4) a current orderly ABCD which takes us sub 100. 5) Momentum indicators are nearing their bottom but...

Steve666 Updated 

Nike (NKE) is worth watching for signs of (price) fatigue. Two potential Harmonic bearish butterflies are forming. One on the price and the other on the 14 day RSI. The RSI matches a level of early January '23 when it rolled over before the price, creating a negative divergence condition I will monitor and advise of any position taken. Ideally I'd like to...

Steve666 Updated 

Boil.. after several false starts, I think we are close for a reversal on BOIL, primarily as NatGas gets a bid. (Colder weather please) This tradeable is very volatile so be careful. In other words you date this... not marry it ! Have a tight stop and game plan. Do your own due diligence. Good Luck S.

Steve666 Updated 

Not often you get two harmonic indicators flashing (Bullish Butterflies) ... one on the share price and one on the RSI. (A confluence has to work worked the past.) Certainly worth watching... for a reversal in the area marked. Shorts may consider covering.... I'll chirp in if this reversal becomes more certain. For now I'm interested but neutral DYOD. Not...

Steve666 Updated 

Up nearly 18% in just over a month. +70% YTD They report tonight and are probably strong today on other tech gains from last night's earnings report. $2.05 expected versus last of $1.90. No dividend. I would like to establish a short in the $232-$233 area as this sets up an Bearish Alternative Bat.(Anti Bat) RSI also getting a little up there. Momentum...

Steve666 Updated 

Motorola (MSI) has performed very well in the past 3 weeks, tacking on nearly 18%. This was probably due to earnings expectations (they beat estimates) and an 11% dividend increase. The shares currently yield 1.23%. Interestingly, the stock price has formed a bearish harmonic crab formation on the 4h chart, and simultaneously a bearish harmonic butterfly...

Steve666 Updated 

A combination of harmonic (Bearish Crab), an ABCD pattern, a significant fib retracement, a pending momentum rollover and negative divergence makes CHUBB a potential short IF the broader markets roll over. $225 may be an area worth considering.... TV rates this a strong BUY..... Worth watching... no action suggested yet... let general market softness be...

Steve666 Updated 

As 10 year yields tend to drive many investment decisions these days ... My current view of where we have been and with a roadmap for where we are headed. Not investment advice. Do your own due diligence. S.

Steve666 Updated 

There is a confluence of two weekly harmonic patterns which may give this ETF a pause. This is weekly chart so give this time to develop and know you are going against the trend. Its probably best to confirm a reversal with your favorite momentum indicator. Not investment advice ... do your own due diligence. S.

Steve666 Updated 

Last Friday Exxon (XOM) achieved an all-time high. This was on the back of their latest full year earnings, which handily beat analysts estimates. If recession fears continue to dominate and actually result in a economic downturn, XOM may become an institutional sell candidate Consider: 1) shares are at the top of an ascending channel in place since June...

Steve666 Updated 

Dollar Index (DXY) with several Fib Speed-lines and Ellipses from the Dec 2020 low. Lets see where this goes. S.

Steve666

A completed Butterfly harmonic pattern ( and a broad market rally) caused a 12% bounce in Dominion Energy (D) from mid December 2022. Additionally an earnings beat helped. Another opportunity may be at hand as momentum has reverted to its previous Dec level and we have an extension of the original pattern I have provided suggested targets if the price...

Steve666 Updated 

We appear to be in the process of forming a bearish harmonic Shark pattern on BitCoin ( BTCUSD ) Some weight should be given to this assumption, as point B has been broken ! Ideal Shark D termination points are .886 and 1.13 percent extensions of the XA leg. This suggests targets in the 20,800 and 19,900 area(s) probably later this month. In my experience,...

Steve666 Updated 

Moderna (MNRA). This is a potential long trade if it reaches my area of interest in my PRZ (price reversal zone). A nicely formed ABCD formation together with a Harmonic Crab / Alternate Bat (depending where X starts), come together in the mid to low $160s. (This also happens to come full circle to the recent December 2022 low.) This together with positive...

Steve666

Uber (UBER) has given its passengers an almost 60% ride since its late December low. We have currently traced out a bearish Harmonic Bat pattern. So It may be time to jump out. Ideally this would be at a slightly higher level say the $37.50 area, if we return there. Again... we need general market softness and a downward shift in momentum. DYODD as...