The Long Investor

$DIS TOP 20

$DIS had a very tough week and we have covered this very well, it is also a good example to learn from too, that it needs to confirm support before moving higher, especially above such a long strict falling wedge, $PFE was another example of this, it had a number of fake breakouts and only now we are seeing it truly holding support.

$DIS is approaching its Covid Low like at $78, it is har...

$COST TOP 20

What is striking me is how many believe that it is only their stocks that have been pulling back.....when this is not the case, the strongest companies in the market are all pulling back, this is because they have all enjoyed Wave 3 waves prior to this point.

And it is across the board, across different markets and different industries, even crypto is suffering, so no company is safe. The...

$BABA TOP 20

Unfortunately for $BABA it did finish the week below the channel trend line and below the 50 and 200 Day MA but managed to stay above the blue support line of $88 which we know is significant.

$BABA has a lot of work to do, it is however still in the Bull Case and making higher lows but if we get another rejection at the 200 Day MA from below again, I doubt this will be able to hold the b...

$GOOG TOP 20

I have mentioned already tonight that $GOOG and $AMZN have been holding up considerable well compared to their Mega Cap counterparts, with $GOOG looking the strongest being above its 50 Day MA and 200 Day.

However, I do have this very close to hitting our Subwave 5 of Wave 3 target and we have got to expect that $GOOG will eventually pull back.

We can see that the price action hit e...

$F TOP 20

Finished the week just above the 0.65 Fib and getting closer and closer to the wedge apex. This has been a very strong pull back since $15.50 at the start of July, a lot of ICE and EV manufacturers have felt this pull back too, $NIO's pull back is almost identical to this too apart from the leveling off at the bottom for $NIO.

I suspect a bounce will be coming soon here for $F too, RSI is...

$BTC TOP 20

$BTC has had a tough week, likely triggered by Space X releasing that they have sold all of their Bitcoin possibly to free up capital, possibly other companies appeared to join them too to bolster their liquidity. The Treasury yields are also at 10 year highs too which may have attracted Bitcoin holders as a better safeguard of their money. 

From the chart, the structure is still in ...

$AMZN TOP 20

$AMZN and $GOOG have been rare Mega Caps that have been able to hold above their 50 and 200 Day MA in this market pull back, and although $GOOG has managed to stay comfortably above theirs....$AMZN showed signs of losing this support line on Friday, it managed to finish the day and week above it but it is not clear whether or not this pull back is complete yet....I suspect it is not complete. 2023-08-26 19:43:06 +0000 UTC View Post

$AMD TOP 20

A lot depended on how the market would react to $NVDA's report and although they smashed it, a lot of their gains were factored in before the earnings report release....the 8% rise at the start of the week is normally a good indication of that, also with how over extended it was.

$NVDA has pulled back and so did $AMD, we spoke about this during the week and again the 200 Day MA here is th...

$ABNB TOP 20

We have been following this during the week and have been impressed with how it has been holding above the trend line and on the 0.618 Fib, it has also come back for a retest on Friday too and has continued to hold up very well.

It has been difficult for any stock to bounce at the moment and there is a number of setups like this, that are holding crucial support levels and need the condit...

$LUV

The 0.78 Fib is at $30.79, so far the price has come down to $30.96 already today.

The 0.78 Fib is exactly on the trend line here now. So we want this to hold above, if it loses this line, it is down with $JBLU and back in to find support in the downward channel again.

Not somewhere where we want this to be.

Bulls need to step in now.

$XLE - RC -

$XLE has survived in this large ascending wedge, from my count it shows that Wave 5 will break out of this wedge to the upside but this should not offer confusion, as we know, when Wave 5 is complete, we will see an ABC corrective wave next......and this is an ascending wedge formation which is also a bearish formation.

For now, the trend is to the upside and the price is still above the ...

$UPST - RC -

I see nothing more than a WXY corrective wave here as we can see that the first wave has a straight forward ABC count in it, I expect Wave X in amber to do the same and if this is the same, we can expect this for Wave Y too.

This is another stock that has lost its 50 Day MA in this pull back and will likely come down to test the 200 Day MA again, I do have the price not holding the 200 Da...

$TSLY - RC -

A TSLA option income strategy ETF, been moving between this blue line range all year and I expect it to hit the bottom blue line again and then bounce, for now it is quite cyclical but this ETF has not been around for too long, which is common to start with a number of corrective waves moving sideways until it finds it momentum, we see this on a lot of stocks too that IPO.

$ENPH

I have been doing a little work on $ENPH today.

This blue line is significant at $114, the price has held support here 3 times already and this will be the 4th attempt.

$ENPH is also 1 of only 5 companies in the S&P 500 that is down more than 30% from its 200 SMA, its RSI is also at 23.....so we have a very oversold stock right here.

Fundamentals look strong, with a very h...

$NU

Watching the 1 Fib at the moment at $6.29 for Wave 4 to complete.

This is very typical on a lot of charts lately, the 50 Day MA has been lost in their Wave 4 pull back and the 200 Day MA is coming up from below to offer support.

We can see this across the market too, that the worst case scenarios are showing that the price will end up going down to the 200 Day MA for support.

$MSTR - RC -

$MSTR is just holding onto this Wave 4 level and above our First Target level too.

I can see three waves down now for this Wave 4, so it needs the right conditions to move higher now for Wave 5.

What it can not do is lose that first target line or it will break down and break down fast.

$BTC is on a knife edge at the moment, although the count is valid, it has been showing...

$LRCX

The last time I uploaded this chart, I advised that it was one to watch as the chart is looking very attractive.

The blue line has been tested once already and it looks like the price action may test it again soon, a break above $728 and we have confirmation that the impulse wave is in and the Wave 3 target is at $1300.

I like how this chart has formed, how it is above the 50 and 20...

$LNTH - RC -

Straight forward ABC pull back correction here, and working its way through Wave A now. The 50 and 200 Day MA have been lost here too so this is confirming the downward trend and it is quite obvious here too.

I suspect a relief bounce may come soon for Wave B, before moving lower for Wave C, which looks to complete at the 0.618 Fib at $44.

$LKNCY - RC -

Very little has changed here for $LKNCY, it has had a nice recovery since May and I believe it is still in Wave 5 and moving a lot faster than its Wave 3 had.

Staying above the yellow channel is bullish here and the price is also comfortably above the 50 and 200 Day MA too.

It may need to test these levels next before it can move higher to find support.

50 Day MA is at $26.50<...

$LABU - RC -

The 3 X Bio ETF has so far found support on the wedge trend line, keeping the count valid. 

A lot of stocks are in this position now too, aggressively pulled back and waiting for the right conditions now to start moving up.

As long as this continues to stay in the wedge, it is protected.

Bulls do not want this to lose the wedge trend line and certainly not the blue line a...

$FTNT - RC -

Broke above the blue line but could not stay above on the retest and has dropped like a stone since, falling easily through the 50 and 200 Day MA, we have had this counted as an corrective wave so we are not too surprised by this direction.....however the drop was certainly aggressive, especially since the earnings were postive.

I think you may expect to see this consolidate within the b...

$OXY

You all know I am a big fan of $OXY and I am a holder, it has been a rock for us during this difficult pull back.

It has already pulled back in 3 waves since $66 and has so far held the 0.5 Fib at $61, which is also the 50 Day MA too.

The 50 Day MA has been support twice since July too, so I will be watching to see if it can hold this level again and bounce.

If the price can g...

$NIO TOP 20

Getting to be a bit like Ground hog day with the $NIO chart each morning.

$10.50 has been defending all week now, on what has been a mixed week for the market.

We know it is a confluence level with a lot of moving averages at this area too:

On the Weekly chart: This is the 50 Day MA level

On the Daily Chart: The 200 Day MA is at $10.20

On the 1 hrt chart: $10.50 i...

$PFE

$PFE has been holding quite well outside of the wedge that it was stuck in for over a year.

Pulling back now in 3 waves which is a standard sign and I am watching the Fib levels in white to see where it will hold support.

So far it has held the 0.5 Fib and is negotiating with the 200 Day MA now to flip to support, it still has some work to do.

As long as this stays above ...

$FCEL

Completed the Head and Shoulders pattern and has brought it on course to our wedge trend line, which it hit today and so far has held.

This does not suggest that it is a good time to buy but I am drawing attention to the fact that it needs to hold this level now.

Breaking out of the wedge to the upside is a different scenario, that can regarded as bullish and the possible targets a...

$DWY

The US Dollar Index continues to move as projected and making its way down to the 200 Day MA at $98.40....we are likely in Subwave 2 of Wave A here.....next is Subwave 3...the most aggressive wave, which could be starting off at the start of next year.

Druckenmiller is short the US Dollar and going by this chart, it makes a lot of sense.

$CRWD - RC -

I am scanning our popular stocks but there is very little to update, a lot of the structures are still in place which is a little misleading because it feels as though there is blood all over the streets right now but the pump yesterday has cushioned a lot of the downside today.

$CRWD has barely altered its course apart from moving more sideways to ride this storm, comfortably above the ...

$AI - RC -

Difficult day for $AI, started off promising on the back of $NVDA's movements and dropped -11.5% after getting rugged pulled with the market and is still very much in this corrective wave, the 200 Day MA is where the bulls and holders of this stock will be watching for next as a potential support line at $24, if this line is not held, it will continue down, ultimately to Wave 5 at $16.

$SE TOP 20

$SE has been getting crucified and it is difficult to see the reason for it apart from their pivot to focus on growth and not profit for the next 6 months....the market has not liked this, nevertheless it is the case and if someone can plan for a 30% drop post earnings, while the company is still profitable, I would like to meet that person.

EWT can not catch these sort of events (howeve...

$COST TOP 20

The great $COST has been feeling the selling pressure too but this pullback is well over due, it had not stopped climbing since the middle of June and cut through the wedge trend line as though it wasn't even there.

So when this finds support.....(the white Fib levels at $535, $524 and $513 are the ideal spots) this would be a good addition to anyones portfolio.

This is very much in...