Friday created a Head and Shoulder play and this morning it retraced Friday's Loss. On its way down? I think at least in the short term
This is the unpleasant version...and there isn't enough upside until we close above 3420, so I'm bearish until then.
Massive gains in the SP500 were primarily from Apple, etc. on Sept. 1st and 2nd and may have been anomalous. The majority of the index was already moving into correction territory. If this is the case then a 5th wave down perfectly meets at the 200MA. Economic indicators were somewhat positive on Monday (median income) and Tuesday (consumer confidence), but the...
(If SPX stays below 3375, possible scenario) -5th wave down matched up to1st wave -SPX support line Pre-Pandemic -SPX support line Post-Pandemic A new month begins and we'll see what the market sentiment looks like after jobless claims. Especially with all of the permanent layoffs from Disney, Airlines, etc... THURSDAY, OCT. 1 8:30 am Initial jobless claims...
Take a look at this stock - The 4 Hour just completed a Head & Shoulder correction at about $70.86 - The correction indicates a drop to about $63.35 which will trigger a larger Head & Shoulder correction down to about $49.85 (200 MA)... Take a look and decide for yourselves. If this plays out then it may be an indication of an overall market correction.
Vaxart is retracing its losses from the peak and will stop at R3 before deciding to go up to 13.55 or back down. That's the next major hurdle.
OMI is currently consolidating with support. Looks like $17.65 to $20.90 upside. This stock is great to hold long - Major cup and handle and could hit $33 soon. Check it out
Cup and Handle and broke through Head & Shoulders resistance. Support at 6.35 then 6.60. First stop is $7.20, $8.93, and then $10.18. Major upside
I think tomorrow is the last bear play down to 22.36 - This completes the H&S correction and the stock should rebound to 27.21 then potentially move to $33+ before the market corrects in October.
1st Wave down from the Top of the Right Shoulder bottoms at $66.88 (today's close) and is equal to a price drop of $16.85. The top of the 4th wave is 66.88 or today's close and the 5th Wave will bring the price down to about $50 where it should find support and consolidate into a wedge established by today's high.
Head & Shoulders reversal began with Fib retrace from $95. It'll run down to the 200 MA which is currently about 45.60. Look at November Puts for $50 - Heavy Volume
I really like this stock. It just broke the downtrend and hit resistance at $5.35. It could have resistance around 5.70-5.95 and then break for $6.25 plus. It's also coming out of a long Cup and Handle so the upside here is $9, $12, and beyond.
Just broke out of resistance and retraced. Looks like $4.54 up next