I’ve been feeling the hurt from having bought BYND after publishing my previous BYND idea. See linked chart. However, since then I’ve increased my position 3-fold and decreased my dollar-cost-average by $60+/share.
To the Bulls who, like me, have been feeling the wrath of the Bears: I think it’s our time to shine. Now is the time to go big or go broke, especially if you’re a fan trading based on analysis of EW, patterns, market cycles, and Wyckoff.
Based on chart, within the next 3-4 months we should expect to see 3+ intense rallies.
Chart: Dates and time scale will likely be inaccurate. Focus on the price action. Black: past-present EW and Fib. Green: forecast EW and Fib. Blue: patterns (parallel channels). Orange: Wyckoff and market cycle. Purple: price targets. Red: pullback targets.
Comments welcome. Good luck to all.
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Two minor edits to main chart. 1: Corrected the placement of the Primary degree X and added in red its lesser degree WXY. 2: Corrected the placement of both parallel channels so that the corresponding black X’s touch the top of each channel.
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I bought more at 24.2 because the it may have been the bottom of a lesser degree wave 1 ending at a .618 fin retracement. However, even if this is a lesser degree wave 1, price may drop to about 23.34 and remain valid.
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Line chart version of recent update. Note: I’ve repositioned the lesser degree wave 4 accordingly.
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Sorry folks, one day I’ll learn to read. I misread the fib level in the previous updates from today due to configuring the values to display at the bottom instead of middle of the corresponding line ($24.2 was at .5 fib not .618). This has also caused me to consider the structure of the overall lesser degree wave 1 as ABC-like. As for the current correction, my opinion is it has ended.
5min view.
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Another buying opportunity based on the breakout of a falling wedge pattern.
In red: Price range of FW ($8.25). In green: PT1 based on 60% of FW price range ($28.85). In purple: PT2 based on 100% of FW price range ($32.15).
Note 1: These PTs put us near the forecast $33-pullback target so either resistance or support should not be unexpected. Note 2: Chart displayed on 4-hour timeframe.
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Don’t let FUD deter you from reaching your goal. Stay on target.
Here’s a cleaned up 4-hr view of what to focus on. All the important stuff is in purple. I’ve left a few other depictions for comparison purposes.
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Looks like the falling wedge played out nicely. The only update made to this chart is the addition of new price data (new candle sticks). I didn’t adjust any of the tools or drawings.
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And here’s an update with actual edits. Since the end of the correction at Y, price looks to be following an EW wave having completed an ABC type wave 1, wave 2, wave 3, and possibly just now finishing wave 4. If so, I think it’s likely for wave 5 to finish somewhere within the green box between the 2.382 and 3.618 fib levels.
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Huzzah!
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It’s getting tricky here. It’s possible that price has already begun a Wave 3 after ending a sharp ABC style Wave 2 during the extended hours session. If so, then we may see an intense rally indicative of a Wave 3 as early as late tomorrow but probably by close of Wednesday next week.
The hypothetical 5-count Wave 1 and ABC Wave 2 are shown in the chart below.
Note: The green region corresponds with a forecast for the end of the 5-count Wave 1. Therefore, the green region should be ignored if indeed Wave 1 has ended and Wave 3 has begun.
- $38.56 corresponds with the possible end of Wave 1. - $33.51 corresponds with the possible end of Wave 2, ie, C if the ABC.
My apologies on the difficulty in making out the ABC structure, primarily I chart using my mobile.
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Today’s price action has invalidated the previous update. The chart in this update displays my current assessment. Potentially an EW Primary Wave 1 comprising 5 ABC-like subwaves. Primary Wave 2 may have ended today corresponding to a .681 fib level.
Even if Wave 2 hasn’t ended, e.g., if today’s price is merely leg A or W of an ABC or WXY correction, we should expect to see a bounce to about 36.26.
Note: this chart was made using a regular price scale, NOT log.
Thoughts on current price action? Started buying calls today again @ $24
Teklologist
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@cobrafeet, same. I think it could go as low as 20.5 again, but I think it’s more likely that it bottoms today or tomorrow before rallying back above $30 followed by a retest between $30 and $34, possibly close to $33. Then, finally, back above $40, perhaps by mid October.
cobrafeet
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@Teklologist, For sure -- pretty good confirmation bounce since you commented as well
Messy chart but it seems like there's a lot of indicators providing confluence for this idea
@Chartguru1, sure has. Time to see if the falling wedge pattern plays out, if so there’ll be a nice pull back before the run to $47+. But, it’s possible price could ignore the wedge and go for the higher target immediately.
Chartguru1
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Oh my….she’s starting to wake up. And she’s angry and nasty, pls stay short to those looking to see this epic chart unfold.