dereckcoatney

dereckcoatney

$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.

dereckcoatney

$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.

dereckcoatney

$NKLA has found support once again in the $9.50 area and it is running out of room beneath the overhead trend line. I am expecting a rally to the target box at some point soon.

dereckcoatney

$PLATINUM has formed a falling wedge with divergence and has come to retest the 13-year trend line that it broke out through earlier this year. I have two targets.

dereckcoatney

A successful breakout of this bullish wedge on $AI targets (initially) the orange box.

dereckcoatney

$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.

dereckcoatney

$COPPER has produced an inverse head and shoulders pattern and looks to have tested the neckline. If this pattern plays out, it should see about an 7% rally.

dereckcoatney

So long as it can remain above its May low, it risks giving us another "Kodak moment." Divergence and local trend line support (so far) look good here.

dereckcoatney

Ethereum update. I expect it to sell off a bit and if it finds support on the orange box, to then rally to all-time highs.

dereckcoatney Updated 

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.

dereckcoatney

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...

dereckcoatney

$EEM Massive bull wedge on verge of breakout. I post a limited number of posts publicly, but many more on my private Twitter feed. Be sure to check it out if you're interested.

dereckcoatney

$TLRY has a well-formed bullish wedge. There are two targets based on this structure.

dereckcoatney

If this count is correct, Bitcoin may be finish its Primary wave 4 soon and should begin a new impulse to the upside, in Primary degree.

dereckcoatney

I believe the markets are fragile here, and could fall apart at any moment. The most bullish alternative I can stomach suggesting is this last gasp.

dereckcoatney

As a result of forming a triangle on SPY over the last couple of days, here is a possible Elliott Wave count for SPY. A bearish view is that we came off the September highs in a leading diagonal for wave 1, then began forming a large corrective 3-3-5 flat for 2. Triangles are often found in wave 4s, so I believe we could be nearly done with the 5 waves of "C" of...

dereckcoatney

*If* this ES wave count is correct, the next move down will be a complete terror (blessing). This counter rally has retraced to the 65% fib, characteristic of a wave 2 (pink degree). 3 is the money shot. I have placed it on the chart, but in reality it would go much lower.

dereckcoatney

As an uber-bear, I am glad to see some selling enter the arena, however, we remain within this channel that bulls will identify either as a bull flag or the handle of a cup and handle formation. I would prefer that it were a bull trap. But, until we clear it, we bears must remain cautious. While we have been striking lower lows in price, the RSI has been...