The Long Investor

$IQ - WATCHLIST -

Very strong confluence level coming up for $IQ now.

We can see that the 50 Day MA, the 200 Day MA and the 0.5 Fib all meet at the same level at $4.45 and the price action has just broken below the 0.38 Fib, so the $4.45 level is the area to watch for a hold and bounce.

This is also just on the outside of the wedge breakout level, that the price has stayed within since the start of 2...

$YINN

$YINN will continue to move in sync with the HSI, so when we see support held for the HSI, we can expect the same here for $YINN, which makes this a good position to take advantage of for the next leg up for the HSI

The 0.5 FIB at $25.84 would be the level I am watching....but also be aware that the 200 Day MA is at the 0.618 Fib level too, which makes this a confluence level.

This ...

$PTON

Fake breakout here by $PTON, initially broke out but on the retest of the wedge again, it did not hold and dropped through the support line and couldn't hold onto the 50 Day MA support line either.

This will likely continue down to the apex of this wedge between $2 - $2.50.

Losing the wedge here and breaking to the downside puts $PTON in a dangerous zone and will struggle for its su...

$COPX - SAFE HAVEN -

$COPX like Silver is testing its breakout level exactly now and is up in the PM.

I alerted this morning that I added to my Silver Safe Haven as there is a risk of a flight to more safe positions today and going into next week, so if $COPX can hold here, it would make for a sensible add to secure capital and shows that this breakout level has been flipped to support now.

A solid hold...

$COIN

We can also see here that $COIN is following our chart too and has now rejected at the 50 Day MA, after testing this level 3 times.

So I still expect Wave C to play out as shown and one more leg down is next.

If buying individual cryptos is not your thing then exposure to $COIN when it completes Wave C would be more suitable for you.

I believe this will move up to the blue li...

$BTC TOP 20

This is the bearish case scenario for $BTC which is the main chart we have been using.

I have moved Wave A to the bottom of the channel line, as the price has jumped in 3 waves since hitting this point, meaning the bounce so far is in line with a Wave B and also rejected trying to make a higher high and is also below the important support line of $69k now, after failing to hold this level...

$ETH

So $ETH got its ETF approval from the SEC yesterday and there was very little reaction as the move happened before the announcement, which accounts for the +25% rise over the last few days.

We did not chase this as it moved up, we bought as it was declining in the bullish wedge and strictly kept to the strategy and it has paid off nicely for us.

Now lets wait for the pull back

$HIMS

Pulling back sharply since its strong move on Friday and reflecting now, we made a good decision to take profit here at $20 and put it into $SHOP which has been stable for the week and protected our gains.

Price is just sitting on the 50 MA on the 1hr chart and the 0.5 Fib now too at $15.90

I would like to see some strength here now and a show of support to end the week.

The ...

$NIO TOP 20

$NIO flushed down to the 50 Day MA yesterday below $4.81 to finish the day at this level.

It was aways a possibility and the EV sector, along with every sector had a difficult day yesterday.

That being said, for this pull back to be a Subwave 2 pull back, the 0.618 Fib is the standard pull back level at $4.53

Anything lower than this level means there is weakness.

Losin...

$PYPL TOP 20

Has Cathie done something sensible here? $ARK added a considerable amount of $PYPL yesterday, as the price held on the 0.618 Fib and just above the 200 Day MA.

From a technical point of view, this is exactly where you should be buying if you believe we are in an impulse wave.....not something they have traditionally done before.

We want $PYPL to hold above the 200 Day MA at $60.60,...

HSI

Continues its pull back today and moving nicely down to the 0.38 Fib at 18,329.

On the daily chart, it is not clear that there is 3 waves in this pull back, so a relief bounce before pulling back to the 0.38 Fib would be a normal sight.

I believe this overall structure remains in an impulse wave and the 50 Day MA crossing the 200 Day MA for a golden cross reinforces this sold impuls...

$AMZN TOP 20

Struggling with the 50 Day MA this week and is now just under it.

We need to see how the market reacts tomorrow to this difficult day and see if it continues, which would be a concerning move going into the long weekend.

$NVDA reporting has marked the end of the earning season for us and possibly the month long rally, so I am keen to see where support comes.

Overall today, I d...

$GCT

Textbook short attack from Grizzly research yesterday, issues a statement of irregularities and that they are short, price dumps -8% to $25 and immediately start buying again and the share price jumps +8% on a very difficult day for the market.

The same was done with $PDD last year.

So they money on the orchestrated short on the way down and switched long immediately afterwards.

$DKNG

Not a good set up here for $DKNG as it rejects heavy in the right shoulders at the 1 Fib at $45 and has sunk to $40 now.

I suspect a new lower low will be made and a test of the 200 Day MA will be next at $36.70.

If the right shoulder is Wave B, then we should be in Wave C now, so we would looking for the decline to lose the 200 Day MA to come down to a lower Fib level.

Wave C...

$ONON

Very little is green today as just about every sector is taking a hit after a month long rally across the market.

$ONON is one of those that is green and continues to move well in this Wave 3 since holding support on the 200 Day MA before earnings and bouncing hard.

First Target is within touching distance and flip to support here will put this in a good position to hit Wave 3 next ...

$SOXL

Having a strong day today on the back of $NVDA's earnings, and moving comfortably in Wave 5 now, needs to break above its previous high at $56.90 to get past its final hurdle and a pull back may be needed before this happens.

The 50 Day MA at $42 would be the ideal level for this pull back.

Remember this is a 3 X bullish ETF, so be prepared for the volatility that comes with this. 2024-05-23 15:43:21 +0000 UTC View Post

$DAL

$DAL has curled downwards exactly after its Ex-Dividend date on the 13th of May and is back to retest the green line again at $50.

We can see the 50 Day MA is moving up to this level too and is currently at the $49 trend level right now.

Wave 3 is looking a little short for me so this could still be Subwave 4 of Wave 3.

Our large Wave 5 is showing a peak in late August too.......

$BIDU

When a stock breaks out of a long wedge and bounces aggressively, we almost pray for a pull back and retest of the wedge breakout level

And right now we are getting a test of the 0.618 Fib at $102 and just slightly below is the test of the wedge breakout level.

A hold on this level and we have the higher low retest and a signal to add.

You either take advantage of these holds ...

US 10 YEAR

US 10 YEAR has now flipped the 200 Day MA to support after a successful retest.

I can see this drifting higher for the next 3 months until the Fed cut rates.

The higher this goes, the more pressure it puts on the Banking Sector and the Bond Market.

$NVDA

Smashed their earnings, guided considerably higher, 10/1 stock split and raised their dividend.

Thats as bullish as you'll get from any earnings report.

One more leg up now and I have set Wave 5 at the 3.618 Fib at $1209, which is well into the extended territory here, as the initial Wave 5 target was at the standard limit at the 2.618 Fib.

So this is in line with the market ...

$MRNA

One of the best combinations for technical analysis is seeing a Wave 2 pull back to the 0.618 Fib and forming an ascending triangle, which is what we saw here.

$MRNA moved up the triangle making higher lows and tested the $115 line 4 times before breaking out, it broke out, retested exactly to the $115 level and then bounced from $115 to $164.

This is obviously beautiful to watch an...

$HIMS

Our EWT count and the basic Cup and Handle formation both align to complete at $25.

All you need to do is wait and hold and you will be rewarded.

You can take advantage of this pull back if it suits you too.

The pull back is between the 0.38 Fib and the 0.5 Fib and behaving well in the PM now.

If $15.91 is lost, we would need to consider a retest of the 50 Day MA lower a...

$AMD TOP 20 - WATCHLIST -

I mentioned yesterday that $AMD was in a good position to benefit if $NVDA beat on earnings and they did comfortably and ticked all the boxes.

$AMD is now above the 50 Day MA now in the PM

The 50 Day MA is at $166, so flipping this to support will be an important confirmation from the bulls, so a retest of this level next and bounce, then you have your buy signal.

My Wave 5 ta...

$BABA TOP 20

There is a rumour circulating around Bloomberg this morning that $BABA are considering raising a $5 Billion convertible bond and the PM is now down -2.5% which effectively means taking on more debt but at a lower interest rate....$BABA also has enormous amount of Cash on hand too, so it is interesting to find out what they need this additional cash for

The 0.38 Fib is the standard pull ba...

HSI

The HSI pull back is likely not finished yet, we are making good progress down to the 0.38 fib but still a bit to go to the 18336 level.

So no adds for me into Chinese ADRs just yet until support is found and confirmed.

Happy to just sit back and observe without taking any action.

The HSI ran very aggressively for exactly 30 days from April, so a standard pull back is healthy ...

SILVER

The 200 MA on the 1hr chart was conveniently waiting at the blue line at $30.15 today for the retest of support and so far the support has held.

I would like to see more confirmation that this level has flipped to support, another retest or a bounce from here will confirm it for me.

A hold above $30 will be significant, as this level was a strong resistance level for 10 years and no...

$SNOW - DUE TO REPORT SHORTLY -

$SNOW reports AH's today and it is in a tricky situation

They usually beat but their last report was riddled with concerns, on top of their CEO announcing he was stepping down which was a shock and the share price tanked.

The impulse wave is still valid but it has a lot of work to do and there needs to be an improvement on their guidance

The price has held on the 0.618 in Apri...

$CLSK

Back above the 50 Day MA now after a solid bounce again on the channel support line.

We have got to expect that a bounce up to the upper limits of the channel is possible next after clearing all important moving averages.

$24 is the target and a flip of this level to support can finally get to to Wave 5 at $25.66

SILVER - WATCHLIST -

Hit $30.76 today after hitting a high of $32.51 over the last few days.

The breakout level is at $30.10, so we may be seeing a retest of this very obvious flip of resistance to support level.

If we get support confirmed on this level, it would be worth adding to our position here

This would be a very clear buy signal

Especially for those who missed the buy alert at $27 a...

$PYPL TOP 20

$PYPL announced a public offering yesterday of $1.25 Billion which is a bit of a surprise considering they have an enormous amount of cash on hand.

So they needed extra cash but did not want to affect their balance sheet

So what exactly do they need this extra money for?....acquisition? R&D or improving their service

We need more information

Chart wise, price is movi...