As with so many growth stocks that were pumped to the gills last year and then subsequently destroyed this year, $Z has the familiar falling wedge displaying itself in so many places.
I expect it to break out soon and a conservative first target is noted.
$FMC has reacted in the 50-61.8% retracement zone of the rally off the March 2020 lows. It has done so in a 3-swing move so it may be an entirely completed correction, a 1-2 of significant degree. A reasonably conservative first target is the 50-61.8% retracement of the correction, though it may eventually go significantly higher than that.
$SKLZ should, at a minimum, soon get a strong 30% technical bounce from its current levels. At a minimum, I expect a rally to the orange box. It may also be ending the entire decline from February onwards, but I will remain conservative here and only aim for the initial move for the moment.
$OIL has produced multiple bullish structures.
1. Bull flag (green)
2. Inverse head and shoulders (red)
3. And a probe above a multi-year channel is at hand (orange)
The inverse measured move is noted, though I expect it will ultimately go higher than that.
Lumber may have completed a corrective structure (counts well as one). Unknown whether it is the first of two legs, or two legs already complete. Conservative interpretation thus aims for a 3-wave move to the orange box from here.
Today’s rally on $ES was important from a technical point of view because it was followed by a lower low. The structure of this matters (on my interpretation) because it can be interpreted as an incomplete correction. Today’s rally serves as a “connector” between two legs of a correction (in the bullish case) and we wouldn’t typically expect the first leg—which...