QQQ fib lines up perfectly with 1.618 landing right at a crucial support at 317. Wave 3 has begun and next week and probably the week after will be nothing but selling. I am in NOW, MCD, AMD, QCOM, and SNAP puts. Not financial advice
Historically, wave 2 is the biggest pest of all the waves. It is the wave that wants to fight for dear life to stay up in a down trend and vice versa. No matter, as all things have an expiration date. When intermediate wave 3 begins it'll be very apparent and it'll have people scrambling for liquidity. Today marked I believe marked the start as was shown in my...
SNAP, NOW, MU, and QCOM are my largest current positions. Expecting lower gaps to get filled over the next few weeks. Not financial advice
SPY finding comfort in the wedge it's in. It'll be like when you were a kid the day before the weatherman calls for 8 inches of snow- you're snuggling up in a warm blanket, it's 6am, you're thinking of all the fun things you're going to do that day, then BAM! In pops mom telling you it's time for school and there was no snow! Get ready for a drop boys and girls!...
I've been holding puts on this for a week now and it, like other tech stocks, are floating up in space in consolidation mode. This stock is one of the most volatile and I think it'll play out nicely when it drops. And it'll be a BIG drop. Looking at $480 as first target, then $411. Not financial advice
Heading out to run errands, so trying to make these short and to the point. Expect a move to $70 in the next week or so. Not financial advice
I believe the market makers are trying to keep the market afloat until CPI announcement on Thursday. Look for AMD to drop to $81 in the coming weeks. We are in a market correction environment. Don't mind what 1 or 2 market makers price targets are. They're only opinions and have no say in overall market sentiment. Not financial advice
NFLX rejected it's previous ascending channel support (now resistance). Next target is $288 (1.618 fib retracement) Not financial advice
SPY retraced to the 3.618 fib retracement almost to the penny for intermediate wave 2 up. For the next several weeks we will be in intermediate wave 3 down which will be much larger than wave 1 (12.5% decline from the peak). Fib retracement at 2.618 has SPY going as low as 360 over that time which would present a perfect 20% drop from the top of intermediate wave...
As I sit here, I'm scrolling through my Apple play list and "The Git Up" from Blanco Brown came on and I think it's so fitting for what's about to happen over the next week. One lyric especially: "Take it down now, take it, take it down now". Everyone enjoy the blood bath of intermediate wave 3 down! Snowing here so I'm heading into the mountains to do some cross...
Snap may have had its first positive earnings, but it's still WAY overvalued. If you look at it's previous earnings, it's balance sheet, and current P/E, you can see there's nothing to get terribly excited about. With that being said, it's also respecting the channel as well as a gap to fill to the downside. Could be a great put buying opportunity. Not financial advice
AMZN crushed earnings, but we are in a bear market whether people want to believe it or not. AMZN popped nicely on earnings, but I see AMZN and SNAP performing like NOW did after earnings. Look for AMZN to hit a double top at 3344 before going short. Not financial advice
SPY reversed as expected for a minor wave 1 of wave 3 down "because of FB" and AMZN will be "reason" for a bounce tomorrow for minor wave 2 of wave 3 tomorrow and maybe early Monday. After that buckle up for an ugly wave 3 of wave 3 down that could last 2 to 4 days and bring us below last weeks bottom of 421 to approximately 398 which would be the 1.618 fib...
TSLA may bounce tomorrow with AMZN boosting the market up, but any pop up any stock right now is a better opportunity to short. I have TSLA at $770 by late next week. Not Financial advice
SPY has pinged the 3.618 fib restracement level and I'm expecting a draw down to the support and possibly a breakdown of support for a new low in the next week. Not financial advice
NFLX is running up to the 4.236 fib retracement at $465 (currently at $459 after-hours). I am looking to short NFLX near the open if we get a little pop in the AM. Williams R% is signaling overbought and potential pullback. Not financial advice
The 50 SMA has crossed the 20 SMA for what appears to be setting up a minor "death cross". Typically when this happens, a new trend is about to begin and in this case we are heading to the downside. The Fibs lining up with previous supports or resistance usually confirm the Fib Retracement and the 1.618 seems to align perfectly with the $236 support. Shorting...
SPY broke out of its descending channel on Friday for what appears to be the beginning of Wave 2 up/sideways. Over the next week I am looking for an entry to buy PUTS on any high P/E equities. SPY targets are 446 and 456. Mid to late February I am looking for a reversal for the beginning of wave 3. Armstrong (World Renowned EW Theorist) is calling for an ECM* date...