Here is an update on CRON. Remember months ago traders where worried about missing out on it as it sky rocketed up? We posted "Don't chase it, Retrace it!" Now its coming down to reasonable and bargain levels. .... just a bit lower please. Really like the $6.85 - $6.50 area. as shown by a number of different measurements and harmonic pattern. We are looking for 5...
Yesterday we discussed the VIX chart ratios (see 11/12/19 published) discussing ratios we've been following. Today the market "threatened a sell off as shown by the tall reversal candle. But it failed. The VIX reversed as the market began to get it's footing. Still more bullish moves in the market ahead. Now we may have another try for the lower VIX ratio at .961...
Time to short TSLA yet again. The Short call back in Dec 2018 proved to be a very nice top. TSLA then dumped to the 1.618 extension perfectly! (within pennies) Since that low target was hit the bounce back up has been (so far) a nice looking ABC pattern. Please note the 1.618 extension was hit today... yet again, on the top side! Let's call today's high "the...
Last post on VIX was April 23, 2019. We were looking for another VIX spike and market dump this summer. We proposed ratios into the future and now we have the advantage of hindsight. Just how close did our forecast come to actual events? We were looking for a possible .618 bounce up in another sell off during the summer and we got it! (actual ratio was 55%) Then...
We've been looking for the top of SPY (SPX) for some time. Yet it is very choppy lately. What's going on? Is it possible that we are in an Ending Diagonal Pattern? Please look at the chart shown and notice the ABC moves up and down. Notice how the up moves are not the normal 5 waves up in a motive wave as per usual Elliott charting. Instead the up moves are bigger...
We've been watching this stock for some time now. In fact it has sold off drastically in the past. Will the upcoming earnings pop the stock price? or will it drop down and trigger stop loss orders? We would like the harmonic ratios shown with the blue C=A wave to complete at $6.85. Also note that if pink C extends and = 1.272 x A, we get the same price of...
Looks like a nice completion of the Bullish Alternative Bat, where the C wave is 1.414 x length of A wave. Also we see very nice bullish divergence of the RSI. Lets see if the bull put spreads work nicely for us
As we get closer to a high, it looks like today has the SPY in a triangle ... building energy for another push up. The Pink Parabola may define the price movement of the expected move. If it gets near the top of this parabola, it would be a good place to sell. So we're short term bullish for this now, but our fingers are on the trigger to sell at the high
Tonight's update shows where we are now.... right on the upper blue "megaphone" pattern blue line. Many traders feel that since we didn't really crash hard after the July highs that this pattern has been voided. However, I humbly disagree. If the trader would look carefully, we came close but still did not touch the upper blue line as shown by the yellow flag...
CRSP has been beaten up recently, yet the time for selling may be behind us now. Please look at the green long term channel that we are in now. Notice the green buy and sell signals indicated with the small ellipses. Next lets take a look at the possible black up channel, that indicates a faster slope for us. If we see price break higher as shown by the green...
AT&T (T) looks to be forming an ending diagonal as shown with the blue lines. this hourly chart is very zoomed in from previously posted weekly charts. However this could be a nice setup to go short or buy puts on T. Remember from previous posts about our harmonics and channel lines giving us a high probability trade set up. If this works out as the top, then...
We've been watching the megaphone pattern for months now. (see previous posts) We are playing with the upper megaphone trendline now. This week we may see the "breakout that most traders have been waiting for". It should make make us feel that we are gonna go way higher and that we've finally broke out of the consolidation that we've been in for 2 years since the...
Good old CRON. We played it for the quick move up last year (2018) and sold in FEB 2019. We then went bearish on it and have said to those traders that wanted in "Don't Chase it, Retrace it!" It now looks to have completed the Blue Bat pattern with a nice close on Oct 14 right at the textbook 88.6% retracement. It has also recently broken out of the huge pink...
We've had a very nice run up from the buy signal at the Dec 2018 lows! Look at buy signal on the long term 35 year buy line (green). Wait- a huge 56% profit (+ dividends) in 11 months on a boring dividend paying stock? You bet! The mood has changed from a pessimistic panic sell last year to a bullish outlook with most traders now. Sentiment has now swung to the...
Last week we talked about the possibility of a developing Megaphone pattern. We really would like to see a higher bounce up to buy our puts (or sell short) cheaper. Please take some time and look at this chart. ..lots of info on it. Notice the higher target for the low risk short set up... still haven't got there yet. If the market craps and drops below the...
Last Post was about the possible long term short set up. We have been looking for a chance to place a low risk position near the rebound high as shown. This week has been full of neat surprises with the volatility as we work our way back up. Here is the current thoughts about the Pink label C wave we need to get to the set up. Please note the dates as shown for...
My friends that know the " Old Fart Plan" , as taught in the whiteknightmoving chat room, can see the great "buy signal" that we are getting on the weekly chart as shown here. INTC has gone nowhere but sideways for 19 years. However it has finally begun to touch the lower green Buy Line recently. That is the sweet spot of time and price. Now the stock is oversold...
Details of the Megaphone Pattern Set up here. Zoomed in to the 30 minute chart. I'd like to buy for a quick trade near the point indicated. Just a quick call option set up I think to the ideal sell zone above. This sell zone should be a really good set up for a longer term short sell as discussed in previous post. Don't want to get to greedy on this quick trade...