FiboTrader1

FiboTrader1

SPY appears to be in a descending wedge (bullish) or a descending triangle (bearish). I'm expecting a rally to 597 on Monday, but we will likely see a rejection at the resistance line. I'm leaning towards the descending triangle and we see a fall through support to 567, but either of these patterns supports a drop to at least 577.

FiboTrader1

JEF is well above the 55 and 85 SMA on the weekly chart, so expecting earnings to bring JEF down to 64-63 after earnings on Jan 8

FiboTrader1

TSM is too far above the larger SMA's on the weekly chart to continue higher without a correction. Expecting earnings to bring this down to my target of 159-148 by the 3rd week of January

FiboTrader1

TSLA has risen well above larger SMA's and is due for a large correction in January. First PT is 385, then 336-326.

FiboTrader1

SPY RSI on the monthly chart is showing an acceleration of selling going into the next few weeks, the 1.618 fib extension from today's high shows a perfect placement to the support created on Nov. 1 2024, and the EW count is showing today's high as the end of wave 2 retracement wave. Wave 3 will be the highest volume wave and will bring SPY down to 568 at the end...

FiboTrader1

DDOG is sitting on an island at 155 range and is well above it's SMA's. Expecting a large pullback in the next week or two to $140.

FiboTrader1

NVDA has fallen below the 30 SMA and has been rejecting the 30 SMA as resistance. Over the next 8 trading days, I am expecting NVDA to fall to 129.

FiboTrader1

NFLX has risen well above the SMA's and has seemingly topped out at the 906-908 level. This recent high of 902 shows two fib confirmations (retracement and extension) that NFLX will retrace to as low as 932 in the coming week or 2. If the SMA's continue upward after this retracement, I am still bullish. However, if they begin to rollover with a price drop, then...

FiboTrader1

TSLA has shot up tremendously over the last week, but I feel the parade is over (for now). Expecting a retrace to 307, then 275 (severe case: 249), before continuing back up to possibly 382 and 411.

FiboTrader1

SPY is in a bullish channel and has rejected the channel resistance at 600. Expecting a retracement to either the 0.382 (566) or 0.5 (556) Fibonacci retracement over the next several weeks, before seeing any continuation higher.

FiboTrader1

In September, I was able to call the next major target for Bitcoin around 88K by using Fibonacci extensions and using the resistance line was able to determine the time frame for that to happen to be sometime in November. Well, here we are at 88K, but what's next? Using Fibonacci retracement, we have two potential targets: $74k and $69k. Due to high exuberance in...

FiboTrader1

In July 2024, V perfectly retraced to the high of July 2021 which provides us with 2 fib extension targets going into earnings tonight. PT 1 301, PT 314. The larger fib extension created by taking the high of July 2021 and the low of October 2022, gives us the stronger of the 2 targets - 301. Calls are cheap for this Friday's expiry.

FiboTrader1

AMD broke out of a bullish descending wedge in late September and has since shown little sign of a significant breakout to the upside. We are seeing higher highs and higher lows as well as an upward continuation in the weekly SMA's. I have drawn out to Fibonacci extensions from the high and low of Aug/Sept and another using the high and low of October leaving us...

FiboTrader1

META rejected the 1.618 fib extension and is expected to retrace. First target is 534-526

FiboTrader1

NVDA appears to have completed 3 waves down, so looking for a retrace to 118-123 over the next week for wave 4, then a final plunge to $80 for wave 5

FiboTrader1

APPL will be in wave 3 this week. Expecting much selling throughout the majority of equities this week. PT 201

FiboTrader1

More selling is expected in the market. We may get a bounce early in the week if wave 3 is not finished, but I am expecting a hard gap down sometime next week to complete Wave 1. From there, we will get a sizeable rally probably going into rate decision. After that, a MUCH larger series of selling in October or November.

FiboTrader1

Expect selling to continue for AMD and look for a break of the support. Looking for a gap down next week, then a small rally before selling continues. When 125 is broken, 100 is next target.