The Long Investor

$MGM - WATCHLIST

$MGM has done what has been expected of it and has come right down to our 0.618 Fib level today and so far holding, we are not seeing any confirmation of support yet, just that the selling pressure appears to be done for the day now.

The ideal scenario here will be holding at the 0.618 Fib in green as show at $36 and looking for signs of reversing now, with higher highs and higher lows. 2023-09-22 16:48:38 +0000 UTC View Post

$LULU - RC -

Talk about keeping it tight here, $LULU pulled back with the market and held exactly on the yellow trend line in the ascending triangle, also managed to hold above the 50 and 200 Day MA and finding support on the 50 Day MA on the trend line too.....so $LULU remains in a good position.

Holders or potential buyers will want to see a breakout of the triangle at $394 but holding above this li...

$IQ

Similar story for $IQ as a lot of stocks lately, more sideways movements and price action holding the 0.78 Fib and below their 50 and 200 Day MA, structure is still in place and we need more strength here.

$IQ has a habit of showing some strength when its back is against the wall and it means that buyers are stepping when they need too.

This needs to continue but for now, no changes...

$BIDU

$BIDU very much still moving sideways here through this channel and has not lost must structure, apart from being below its 50 and 200 Day MA but we can see on a lot of charts at the moment that many stocks have lost their 50 Day MA's and the some have lost their 200 Day too.

$BIDU seems protected in this channel between the blue line and the yellow parallel line, as long as it can stay i...

$ZM

$ZM has been holding up better than most during this aggressive pull back and we can see that the 0.618 Fib has offered support during this time.

I still want to see this get back above its 50 and 200 Day MA and most importantly get above the yellow trend line that has been $ZM's nemesis for the last year.

I am holding $ZM and will wait for the above levels to secure before adding a...

$BABA TOP 20

In our last $BABA update we said it was looking slightly weak and it needed to start showing strength, dropping under the blue line and wedge was not a good sign but in true $BABA fashion, it has come out swinging when it needed to and is so far having a strong day.

Cainiao, a unit of the $BABA group will IPO next week and it will be the first introduction of $BABA's plans to IPO a number...

$FDRV - RC -

The Fidelity Electric Vehicle and Future Transportation ETF is probably an ETF that would interest many members.

It was started at the end of 2021, so still a very fresh ETF and we can see clearly that a potential Cup and Handle formation is forming here.

EV's are at a tentative stage right now, they have been beaten up and are due a turn around over the next few weeks, so the impul...

$XBI - RC -

Only this red corrective A - E wave is valid now and following our count very well, working its way through this downward channel.

I believe this continues down to $68 and bulls will want to see this bounce here before going higher to $82.50 to complete the formation.

If this can break to the upside next then it has a good chance of going higher to $101.

$RIVN

$RIVN performing relatively well in terms of EV players and miles ahead of $LCID for strength, I was on the West Coast this week and was surprised at the amount of $RVIN vehicles I saw and how good they look.

It is still a possibility to complete Wave 5 here at $30 but we can see that the ABC correction aligns perfectly with the 200 Day MA moving down to the 0.618 Fib to finish Wave C. 2023-09-22 10:20:15 +0000 UTC View Post

$LUV

$LUV is in the exact same situation as $NIO right now, it is stuck in the middle of the 0.78 and 0.88 Fib and holding there so far, this shows that the market has pushed a diverse number of industries further past their normal support level of the 0.618 Fib, I spoke about this yesterday too.....in perfect conditions, pull backs normally go to the 0.618 Fib for Wave 2.

So $LUV needs to sho...

$NIO TOP 20

Yesterday's market conditions were as tough as you'll get, across the board, even defensive stocks were selling.....and I believe $1 Trillion was wiped from the market this week too.

These events are not that common but it is how you respond to them is the most important part. If you managed to not sell or panic, meaning you are happy with the stocks you are holding and your vision is to ...

$AUPH - RC -

$AUPH was in an ABC corrective wave from 2020 to the end of 2021, this ended with Wave C ending high, which as we know is met with 5 waves down to the previous low again, this happened perfectly.

So now we start again, so far is it behaving as a possible corrective wave again, or there is a potential for an impulse wave here.

The pull back now will need to find support to qualify as...

$COIN

With multiple rejections at the 50 Day MA, coupled with weakness across the market, this has finally been pulled down towards our Wave 5 target, a lot of stocks are experiencing this right now.

The 200 Day MA is now firmly a target for many stocks right now, I suspect the 200 Day MA will also be a support level for many too.

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I can see that there continues to be difficulty understanding how support and resistance levels work and how Fib levels work.

For example: it appears that people believe that if the price does not hold a par...

$GOOG TOP 20

So for the last 2 weeks we said that $GOOG was showing that it had topped out for Wave 3 but it was still holding up strong but we stuck with the chart and said, we could not explain why it was still holding up but we still believe it would come down.....and now we see that it has.

It is still doing better than the other Mega Caps by still holding onto its 50 Day MA but I suspect this wil...

$MGM - WATCHLIST

Cyber attack is now over and investors are weighing up the effects of the damage done here to $MGM.

We are also $1.50 away from the 0.618 Fib, after pulling back in 3 perfect waves so far.

Fundamentally this is a very strong stock and a strong looking chart to add.

Worth taking this very serious.

$TSLA TOP 20

Broke down from the bearish channel and sitting on the 50 Day MA right now on the daily chart.....I can't see how $TSLA holds this level without coming down further.

$TSLA is in the same critical area as $AAPL, $MSFT and the $SPY, it is at risk of losing support and coming down to its respective 200 Day MA.

Fans of $TSLA should be licking their lips at this potential.

The 200 ...

$NKE

The straight yellow trend line cutting across the page, is the historical support line which has been in place since the Covid low in March 2020 and the low in October 2022.

There is potential to hold at this level, failure to do so and this is enroute to the buy zone below $82 and this is then considered undervalued and an attractive buy for a long term hold.

$SE TOP 20

$SE did not hold support and the bulls have not stepped in to save this and help it move higher or test the 0.78 Fib again, so back down to the 1 Fib at $33.35.

$SE needs to hold this level or support is very little below.

My Wave 5 target has always remained at the 1 Fib at $33.35. The 5 waves down from $89 will be clear at $33.35.

$AMD TOP 20

Just at the bottom of the channel trend line today at $96.70 and the 0.5 Fib is at $93.73, we are looking for signs of reversing now.

Not seeing any of signs of that yet tho.

Holding above the trend line is a good start.

That being said, the market is very weak so we may get a test of the 0.5 Fib tomorrow or even Monday.

Be greedy for support confirmation. 

$AMZN TOP 20

$AMZN has lost its 50 Day MA, it has not lost this March of this year, when it completed Wave 2, so we are lead to believe that this is in Wave 4 now then.

So I may finally get to see my beloved $120 for $AMZN, I thought it may have escaped me but it is looking more likely now.

A lot of people like $AAPL, $MSFT and $TSLA at their 200 Day MA but my priority will be buying $AMZN.

$SPLK

On the strength of the news that has just dropped that Cisco is buying $SPLK, this has shot up 22% and right up our Wave 3 line projection.

We have Wave 3 topping out at the 1.618 Fib as always at $155.

Congrats to all holders who bought here when this was first added to our group.

$MSFT TOP 20

For the last 2 weeks we have spoken about the possibility of $MSFT and $AAPL not being able to hold support above their Wave 4 lows in the middle of August and they may come down to their 200 Day MA's, as shown from the the white circle on the chart.

This is certainly a possibility and oddly enough, the Wave 4 in the white circle brings us exactly until the end of this month, meaning Wave...

$DLTR

There are only 3 stocks in the whole of the S&P 500 with an RSI lower than 20 right now.

Dollar Tree is one of them and the price is fast approaching the 0.618 Fib at $105.

In a corrective move now since the high in early 2022 and has spent a year and a half pulling back.

I have got to expect that a discount store of this size will likely do well if the market starts to de...

$XPEV - RC -

$XPEV is on a high speed route now to the 0.618 Fib.....I can still hear the calls of 'why is $XPEV doing so much better than $NIO'.....when they have a very similar market cap now and both in Wave C of Wave 2 now.

$XPEV also have a very important partnership with VW and still they are suffering, BUT their share price also ran from $7.48 all the way to $23.62 and if people believe that af...

$VIX

$VIX has managed to get above the 50 Day MA after two days of blood on the streets, next test will be the yellow trend line that has only been broken above twice since October '22.

The first was in Feb/March and it took regional banks collapsing for this to happen (which was Wave 2) and then in the middle of August (which was the start of Wave 4)

The August breakout was quickly caug...

$SNAP

Hard rejection at the 200 Day MA as expected and we can see that the 50 Day MA is moving down and about to cross through the 200 Day very shortly, adding a further decline to $SNAPs trend.

$SNAP will need to find support soon and I have set Wave 5 at $8 but this will have no problem going as low as the blue line which was the October '22 low.

I continue to struggle and see where $SN...

$NFLX

One of the former Mega Caps, making its way down to the trend line and 200 Day MA at $370 shortly, it doesn't look good for $NFLX here but it does have the chance to try and hold support at the 200 Day MA.

Failure to hold here and this moves down to the green Fib levels as shown for another test of support.

The nuclear option for $NFLX is all the way down at the blue line, where Wav...

$NIO TOP 20

Nice day yesterday in a sea of red but likely just some relief after -17% from the previous day.

The market has been digesting Powell's comments and so far has not been reacting very well, there was only a few rare snippets of green yesterday and the PM looks similar today too.

I personally think that leaving rates unchanged and threatening to increase rates will be the Feds stance ...

$PLTR TOP 20

$PLTR is another stock I alerted to watch this week and this stock has not been putting a foot wrong. It has been flawless with this pull back, exactly as expected.

Do not sleep on this and get distracted by $NIO when you will have an amazing opportunity presented to you when this pulls back to our buy area between $13 - $11.30

Remember, no stock should ever make up more than 20% of...