The Long Investor

$DNA

Down nearly -3% today and lost its previous low, it is working its way through support levels now, the 0.78 Fib is at $1.43 and the 0.887 Fib is at $1.29.

Invalid Impulse line has been added here at $1.10 and I think I will continue to add this indicator to assist with reading charts.

ABC wave has extended and although it lost the low we were watching before, an extended corrective ...

$ABNB TOP 20

$ABNB has been performing stronger than the broader market today and we can see that it has bounced on the yellow trend line.

We needed the market to show strength today and after some weakness at the opening, it did not take too long for the market to settle and turn green.

Needless to say we are happy about this but this is just the start, we need to see more of this now.

We...

$NIO TOP 20

Morning everyone and I hope everyone had a chance to review the Top 20 list yesterday evening so we are prepared for the potential week ahead.

$NIO had been holding for the majority of the day on Friday but started to move down with the market weakness towards the close.

We are starting to get close to the business end here at the blue line, between $7 - $7.38 we have held and bounc...

$QQQ TOP 20

$QQQ is looking a lot stronger than the $SPY, as it has been performing significantly better all year, as it is highly weighted to our strong Mega Caps.

The price action is still in this bullish flag and although the price may test the bottom of the bullish flag again on the 0.38 Fib, meaning the only difference is that Wave 4 has extended, this would be the only change to the chart.

$TSLA TOP 20

Impulse invalid line has been added here now, it is below $152, failure to stay above $152 and this will be en route to making a new low........$84 is a possibility.

There is still a long way to go for this worst case scenario to happen.....or for some people, the best case scenario because we have a lot of $TSLA bulls as members and they would love to buy this cheaper, the same way I wil...

$SE TOP 20

So I believe our first count has played out and we are seeing 5 waves complete now.....it is extremely telling that the 0.5 Fib and the 0.618 Fib are on either side of our important $40.60 blue line. An ABC pull back into this area and bouncing will be enough to show that $SE is in an impulse wave and I believe it can go higher and close the gap above.

A failure to hold the 0.618 Fib and ...

$PYPL TOP 20

$PYPL has had a bad week, as the Bond yields have just been relentless and in spite of looking extended, they pushed higher during the week and have put every financial stock under pressure, even forcing $JPM to come down to the 200 Day MA......$PYPL is a stock I am holding and one I am considering adding to if the share price goes down further, I believe it is one of those stocks that will lik...

$NKE TOP 20

No changes to the $NKE chart either from the last few weeks, it has bounced aggressively and I suspect a pull back will come in at some stage but there is no update here and I still have Wave 1 slightly higher so it continues to follow the impulse count.

I suspect as this gets closer to Xmas and online discount season, this will benefit from a further increase in sales.....but we still wa...

$MSFT TOP 20

$MSFT is out here behaving as though the market or global events do not exist. It is still above its 50 Day MA and has made 5 waves since its bounce at Wave 4, which means it is not a corrective bounce, it is an impulse bounce and bullish.

No changes to this chart from last week, I still expect Subwave 2 to come in before going higher up  Wave 5.

The 200 Day MA and the impulse ...

$INTC TOP 20

So we got the 4th rejection at the top of the ascending triangle again and it looks like this will test the ascending line again for support.....surely a failure to hold support here and this is moving down to possibly find support on the 200 Day MA at $32.

So far the structure has stayed surprisingly neat, it hasn't broken and stayed above the top line but likewise it has not broken down...

$F TOP 20

The UAW strike continues to wage on and I believe the longer this fight continues, the more damage will be done, remarkably the share price has been able to hold above this trend line, if this was our favourite stock $NIO, it would be in the grave at this stage.

We can see how many times the yellow line has been tested and it has so far been a formidable support line but I suspect that if...

$DIS TOP 20

$DIS broke above the wedge last week and in the last upload I said that the real test will come on the pull back to see if it can finally hold on the outside of the wedge trend line, as it has not been able to do this all year.

We are getting the pull back now and you can see that the 0.618 Fib sits on the ideal spot to test the wedge trend line.

Holding here would be a real sign of...

$BTC TOP 20

I won't labour on this tonight because this chart hasn't changed in months and doing as I expected.

It is above the 200 Day MA and is moving very well.

The market appears to see $BTC as a potential haven during the concerns with high yield rates and liquidity.

$BABA TOP 20

China moving their War Ships to the Middle Eastern region this weekend does concern me, as this is something they have not done before and I speak at length of the global significance of this on the $SPY chart.
I have added in the red Fib levels as potential support lines and the impulse wave would only become invalid if a new low is here below $57. I do not think we are that lucky for this ...

$AMZN TOP 20

I have added on the chart here the impulse invalid level at $114, as this would infringe on Wave 2 if the price fell to here.

Earnings report is due on Thursday, so there is quite a long way to go from where it is now and to make this chart invalid.

There is also potential support levels at the previous low at $122.50 and the 200 Day MA at $116.

I will be giving $AMZN every ch...

$AMD TOP 20

$AMD has been performing quite well and is looking stronger than most charts uploaded.

It has already found support on the 200 Day MA and has bounced since and broke out of the bull flag, it is retesting now as expected and even in the darkest hour on Friday, it held quite strong.

So the 200 Day MA will be the area to watch for this week as a retest at $99.

$ABNB TOP 20 - IMPORTANT NOTE -

On the majority of the charts this evening, I have added in a red line, which shows clearly where the bear case starts and states that below this line, the impulse wave becomes invalid.

Only below this line will a chart become invalid.

Weakness in the market can have no issue bringing a price down further as it searches for support along a Fib level or Moving average, this is very i...

$AAPL TOP 20

We will notice from all the charts uploaded this evening that the Mega Caps, with the exception of 1 or 2 are all looking stronger than the $SPY, they have all managed to keep their structure and are working their way through their Fib support levels.

This is a positive sign as it gives them some breathing area until they report their earnings.

We could see on the $TSLA chart before...

$SPY TOP 20

OK this will be the most important $SPY chart I have put up all year.

At the close on Friday we saw some damaging weakness in the market and for the first time since March '23, the market closed below the 200 Day MA, only just below but still marking an important statement.

The importance of the 200 Day MA is not related to Elliott Wave Theory, we use EWT as our main theory to find ...

Enjoy the weekend.

I recommend everyone takes at least tomorrow off. Away from stocks, charts, the market and do something completely different.

Remember why we are doing this, to give ourselves a better life and take back time into our lives.

The market will be there as always on Monday and we will be ready for it as always on Sunday night.

Decompress and enjoy your weekend!

$CAT

Another healthy stock at its 200 Day MA, there is a general theme today and its that the market needs to hold the 200 Day MA and not make a new low.

This is absolutely vital.

If it does not, the whole system could be in trouble of breaking down.

$CAT is no different, the impulse wave looks good but needs the market to play ball now too.

$ARKK

$ARKK has been sinking.

Just about everything they have touched has turned to muck.

They have been offloading $TSLA for the last few weeks and this is probably the only smart thing they have done for the last few years.

$ROKU sums up their approach and it has been sinking hard.

They were buying $SQ $TDOC $PYPL, at prices that were 5 X to 10 X of the price they are now. 2023-10-20 19:29:28 +0000 UTC View Post

$SCHW

Charles Schwab has been following the same path as $BAC and $MS. I just had a quick look at $JPM and they are still above their 200 Day MA, whereas we can see here that $SCHW is well below theirs and their 50 Day MA and on track to follow our Wave X target, after I have been warning of this stock sinking for the year.....but bounces, especially corrective bounces have a habit of catching people...

$FDRV

Fidelity EV ETF has been following our corrective wave for the last few months and is enroute to the blue line at $14.66, it will likely continue down and may overshoot this level before recovering.

When the EV market turns around, this may be a better hedge to buy instead of being exposed to one EV maker.

$BAC

We got the rejection at the 50 Day MA and almost all of the gains after the earnings report have nearly been erased.

$24.50 remains the target here and I have waited many years for $BAC to come down to his level and I would be keen to add when support is found.

Another high dividend stock too, I believe this stock will rebound and there is value on the table here at the end of Wave ...

$SPY TOP 20

How close is this right now?

The 200 Day MA is at $422.16 right now and the price came all the way down to $422.33.

This is as close as you are gonna get.

There has been immense pressure today......and sometimes when a support line can handle this pressure, it is a show of strength.

How we react to tough times shows our real resilience and it is no different here.

...

$PLTR TOP 20

There is enormous pressure out there today in the market and it looks like bulls do not want to step in for now.

$PLTR is feeling it the most today and we can see on the chart that it has broken back down into the bear flag and is about to test the 50 Day MA now, which is exactly at the bottom of the bear flag trend line.

Remember this is a defensive stock, right in the middle of a ...

$SOFI

Lets be clear $SOFI has been doing a lot better than $SQ or $PYPL but they are not immune from the pressure of high interest rates and the problems this will have on liquidity.

This is why the amber corrective wave down is here and although we don't want to believe it, the chart is showing that the price is leaning towards it.

It has rejected at the blue line which was also the 50 D...

$ROKU

No changes to the $ROKU chart, we have been showing 5 waves down since this hit the top of the yellow trend line at $98 at Wave Y and although many found this hard to believe, the move was a corrective move up, so 5 waves down follows next.

I have been warning about $ROKU for a long time now and do not believe in what they are doing and how long they will last.

It is an $ARK stock t...

$MCD - RC -

We said to watch for the middle trend line when it started to pull back in July and so far it has found support on this line and has bounced so far.

Which is a strong sign considering how weak the marker has been.

Another test of the support line would be the ideal scenario here at $250.

$MCDs has been increasing its dividend since 1976 and it is a Dividend Aristocrat, so this...