SPY could be forming a wave 4 in a triangle pattern. There are interesting possibilities
as we go into the elections that could result in a range bound market.
This is typical for a 4th wave pattern. The uncertainty of the approaching elections
"creates" the battle between the bulls and the bears.
Lots of info on the chart, so let's dig in!
Many traders are...
AAPL sold down to our (yellow) Bat pattern D point buy target at the 88.6% retracement of XA (circled in green)
Now will we see the expanding Cypher (pink) pattern reach the circled red sell target near 408.22?
CRON- has broke above the long term
(Blue) resistance line from 2019 highs.
We think price will pull back deeper than most traders think.
If the Gartley pattern (yellow) target is hit near the $5.37 zone, that would be a good signal for us to load up (buy) stock.
This target is slightly below the (green) Buy Line, showing us a great opportunity to go long.
Yesterdays daily doji candle dropped below the green trend line from the March 2020 lows. Did the butterfly harmonic fail?
Price needs to reattach itself back up near this line soon or the bear has come back again.
The Butterfly harmonic would look the best if price went higher to the point D at the 127% extension of XA near 3307
Elliott wave labels (yellow) C of...
Drilling down to the 1 day chart, we can begin to look for a potential buy target near 45-46 zone on the green buy line.
We may also see the completion of the Bat pattern harmonic. That shows a price target point D at about 45.87.
So lets see if there is more panic and selling next week towards the target.
This would be a low risk entry. Should price drop lower...
On this weekly chart, we can see the wonderful buying opportunities that the
Long term lower green channel line has provided us. Notice the circled green spots. Those were former buy signals.
Remember that INTC has been a sleepy giant for the past 20 years (since the Y2K (year 2000 high). It has been building energy in its stock price basically going sideways...
For years we have been trading INTC.
Could yesterdays crash be a signal for us to watch for a buy at a discount price?. First,
Let's look at the long term green channel that has served us well since the 1970's. Notice the great buy opportunities whenever price dropped to the lower green channel line?
Pattern mentioned last week may
now have the pivot points we are looking for. As we begin to look for the point D target near $405, we can count the possible 5 waves (pink trail) set up.
Looks like today may have been the low for pink wave 2.
Question now is does AAPL rally into earnings in a powerful wave 3? Or does it consolidate sideways building energy prior...
AAPL- has been 1 of the 5 strongest stocks leading the Nasdaq. Yet we see a sell set up. Target shown by the pink arrow, defines a target sell point for AAPL.
The Cypher projects a 78.6% retracement of Mondays sell off.
The brown dashed line shows the projected sell zone.
Here is the closer view of the sell zone circled in red.
Please note the 2 fib ratios also that cluster near the top black trend line.
will Tesla top near these zones?
We took profit at 1422, yet TSLA has gone higher!
Gotta love "Throwovers" who knows how high?
However the sudden reversal back down can be extremely quick!
TSLA - This long term over view chart has provided us a very nice buy back in May 2019 at the lower channel line.
Many of us know the power of the long term channels.
When the price has moved to the upper channel, it is time for us to take profits.
Is there more to the up move in TSLA? - Maybe as the next chart will show details and a zoomed in view.
For the past 2 months, we've been watching for the Gartley, Bat Patterns to complete (see May 7 post), and it looks like we have.
It looks like we have the June 8 high as a possible wave B (yellow and purple) high.
Now we are looking for the C wave down to new lows.
If the B pivot high holds, then the C wave (yellow and purple) should consist of a 5 wave move down...
Last month (May 7) we proposed a chart with the pink ABC trail. so far we're on track.
Now we can see that the A wave and B wave have made pivot turns for us.
We are now in the pink C wave up.
This is getting really interesting now as we approach the short sell zone shown in the red box.
We are looking for the top of the pink C wave, which of course will...
The previous SPX chart showed the bigger picture for the next few years....
but what about now? Here we are in the month of May 2020.
Where could we place a high probability short?
This chart shows 2 possible trails (in pink) to get to the sell zone shown in red.
Of interest is the possible Bat pattern shown in blue which might make
a C=.618 x A wave pattern...
Stepping back and looking at the historical price movements of the market, leads us to consider the bull market as being finished for quite some time.
The Elliott wave count shows the finish of wave 5 of 5 and we are now looking for the corrective pattern to the longest bull market in US history.
The price should return to the previous wave 3-4 zone as...
Looks like we could be in yellow wave B now.
We're now Thinking we're in a possible expanded Shark pattern.
We should have the smaller (red labels) A-B-C up to finish the bigger Yellow wave B.
These wave B's can be very emotional and move very quickly and violently
We are still long from Friday and bought more calls at the open this morning
Waiting for the FED announcement soon.. maybe 1 last "hurrah" higher and the Megaphone pattern could complete.
Notice the "kiss to the underside of the black support (now resistance) line.
The math price targets below are based off the ATH... and could change very slightly, but you get the idea of the math targets
as shown. Lets let the "earnings news" be absorbed...