PT_Marche

PT_Marche Updated 

Has some important levels in this tight area. Today sold into demand after breaking down from upward wedge. Held the demand zone and started making higher lows, setting up potential 1 - 2; 1 - 2 waves out. But, some hurdles here and big things to watch: 1) breakout from demand means nothing if it can’t clear 271.38 on the potential next attempt; failing to do so...

PT_Marche Updated 

Went back and started from a clean slate on this as I felt something wasn’t adding up with the counts. Though my count is little different, nothing has changed from my bias of reaching 138+ zone and entering a potential short. After redrawing, I think we just went through a wave 4 retrace (blue number) with a flat a - b - c correction. Wave count and fib lines...

PT_Marche

Think we can push from this demand level and try to go and close the gap. Open tomorrow will be a big indicator for me as it looks like we are setting up the 1 - 2 wave movement out. These sell offs can produce good rallies by picking up buyers in good demand. However, this is the second time we have visited this level. Game Plan: tomorrow open is important. If...

PT_Marche

Sold off into demand today but ultimately held an important level at 271. I liked the price action today consolidating in this demand zone and I still think we can push up to complete the overall structure of this relief rally. Tomorrow I will be watching where we open. If we bid up at open, I will watch the 275 level; if we bid up and consolidate around 275,...

PT_Marche

Again, having a plan and sticking to it with patience helps with consistency. As I mentioned in previous post, I was staying out until either one of the zones were in play above or below. The below came today and I had mentioned a print below we will go visit $56. We opened right at the 58.39 “uh oh” line I call it. Watched price action (had two 5 minute...

PT_Marche

A game plan with patience helps with consistency! This still is playing out nicely and following my initial thoughts of seeing a 5 wave move down for an overall corrective wave 4 (blue “iv”) of the overall up move. Looking like today is a corrective wave (4) within leg c down of this pattern. Again, I don’t like trading retrace waves, as you can see the market...

PT_Marche Updated 

Liking the setup in AAPL I’m seeing. Corrective retrace down into demand, wedged in there, with a completing 5 wave count. If we gap up tomorrow, I will look for a retrace back into demand. This would be what I see as a healthy retrace for a 1 - 2 wave base. Ideally you want to enter on wave 3 (this is where most of the money is made!) Game Plan: if we gap...

PT_Marche Updated 

ROKU has had a nice run up but I think some profits are going to be taken here soon and I am planning to capture some downside move. Already in a supply zone, zoomed in we are approaching the top of the supply zone. Within this wedge, I think ROKU can give one more push up to 138 area before it drops. Game plan: not entering anything short until 138 area is...

PT_Marche

If this wants to go higher I think it needs to clear 60.81 which can be a big hurdle I believe. I think we will get a bounce out of this demand for a potential small day scalp but other than that I’m not making any large moves on this. Below 58.39 I think we go and revisit the 56 area. Above 60.81 I think it can push to 62. Until then, I’m staying out. I’ll...

PT_Marche

This is playing out pretty nice. We saw first down to demand and saw a bounce back up to the 786 retrace making a lower high (some confirmation of being in corrective phase). Now if that was wave (b), we should see 5 waves down for (c). Overall, a typical wave iii retrace is between .236 and .382 (my blue fib lines). These happen to be in somewhat good...

PT_Marche

Think we need a 277 if we want to see a 292. Then again, a vaccine announcement can do pretty much whatever it wants to wreak havoc on market charts! I’ve mentioned in other posts that I don’t like to trade retracements. As we can see, they can really start to morph into many different patterns and it can cause a lot of frustration. When I do trade within these...

PT_Marche

Below 282.41 I think we go test the lower trend line around 278 where the rally for this wave began. As seen in my count, though only after hours still, price prints below the green invalidation tells me this wouldn’t be the 5 micro wave count up yet and that we could be within a wave 4 retrace of the wedge. Counting again looks like that instead of it being a...

PT_Marche

Monday game plan Will look for a retrace to 286 / 285 area for a wave 4 within our 5 wave count higher. Once the retrace hits and if it holds, think it will make a push up to 288.50. If it can claim and hold there, next target is 292. Note my yellow box though. A higher high above 288.51 will mark the higher high of this 5th wave within the overall current...

PT_Marche

Someone asked for a quick AMZN review so here’s a quick one. Think we put in Wave iii up — lines up with 1.618 extension pretty well per my count. Based on my count, wave ii was a shallow retrace so ultimately I would really prefer to see a wave iv retrace go to at least 50%. The boxes in grey can represent some potential bounce zones to help establish the a -...

PT_Marche

1) wedge into supply; 2) MACD divergence; 3) money flow divergence; Would be great to see increased volume and price to remain below 806 to provide more support for my downside count! As I said before, TSLA is one of those equities that sometimes seems to just do whatever it wants. So, no matter whose projections you think may be better or worse, I just always...

PT_Marche

Pre market consolidation in supply and failing to get above 62.85 = good recipe for rejection. As mentioned in my prior post for this one, suggested this could be a good entry for a short position! With a rejection at that level, I think INTC just made it harder for itself to invalidate my bear count. Now we saw it rejected supply and faded right down to demand....

PT_Marche

This is why I trade zones: to avoid choppy days and not let myself be swayed by the news. After today, I think we are on our way up of a small 5 wave impulse move up, starting wave 3 right at the end of day. My thoughts is this will complete the wave C up of this overall market relief rally. Will review charts over weekend and verify everything but thinking we...

PT_Marche

Quick intraday update... so comments in my chart