The 200 Day MA has caught this twice now but my count remains the same, I can see two waves in this Wave 2 and we are looking for 3, it is not very clear on this chart but on the 1hr, it is more identifiable.
The price is just between the 50 and 200 Day MA now, and held the 0.5 Fib on the first pull back.
These are all good signs, so we can see whats controlling the price action. 2023-07-19 09:09:36 +0000 UTC View Post
Dropped out of our wedge, has been showing a lot of weakness too, probably in line with some 'woke' behaviour, politics in Florida and the actors strike in LA.
3 harmful effects on one company in such a short space of time.
I do not expect this to last too long.
Value will only stay suppressed for so long, positive earnings normally changes the dynamic because nothing beats re...
2023-07-19 09:06:32 +0000 UTC View Post
$COIN exploded out of the traps and went straight to the blue line, I like that it has rejected here before it lost complete control of this structure.
A pull back to Wave 4, staying above the previous high from Feb (as shown), would be a very good position to add or start to catch Wave 5.
$BTC has not started its run yet, both of these will go hand in hand together.
2023-07-19 09:01:27 +0000 UTC View Post
Broke out but this has not been too aggressive yet, considering it has broken out of this very long wedge.
Just at the 50 Day MA and likely still in Wave 1, so for now, I have just added in the 0.618 Fib from where it is, if this does decide to pull back now, but I really need to see more movement before I can count some impulse waves.
Positive signs that this is moving in the right...
2023-07-19 08:59:22 +0000 UTC View Post
I have added in the amber Fib levels to show where we need to see support and $88 is the magic number for me.
It is at the blue line and the 0.618 Fib and just below the 200 Day MA.
This appears to be a strong support level, all the big hitters are there to stop the price action.
If this price does drop through this level then this would be a big signal that things are turning...
2023-07-19 08:56:50 +0000 UTC View Post
Indeed it appears that the Russell 2000, which is made up of Small Cap stocks in the US is about to enjoy its own run now.
In Subwave 3 of Wave 3 now and approaching the previous high at the blue line which is at $200, finally test and I don't think there will be any issue here.
We can see that the price is above the 200 Day MA and the 50 day is crossing through that now, also we ca...
2023-07-19 08:50:35 +0000 UTC View Post
$BAX with the double ascending triangle here.
A very rare sight indeed and a bullish indication. Members who have been here for awhile will know that I am a fan of $BAX.
The price is above the 200 Day MA now and the next test will be the yellow trend line at the top of the triangle, which is also the previous high, break above here and this is the Bull Case confirmed.
2023-07-18 19:56:37 +0000 UTC View Post
Pulled back yesterday to the yellow trend line which was the top of the ascending triangle and where the 50 Day MA was exactly, it hit both levels at the same time and then bounced.
Tested the blue line then which we know is the upper limit of the Buy Zone.
A break above here and the previous high at $72.80 and this is a bullish indication.
I may consider adding again once I a...
2023-07-18 19:51:37 +0000 UTC View Post
Nice pull back today onto the yellow line, which was the previous high in Feb and has bounced since.
We continue to make higher highs and higher lows.
I am not seeing an parabolic moves, in spite of its climb.
As long as $ABNB maintains this structure I am happy.
$167 is the big test for $ABNB, breaking above this level and we can eliminate any potential that this entire...
2023-07-18 19:47:01 +0000 UTC View Post
$RBLX has been testing the testing wedge line now and has just gone above, we need to see a clean break out and hold above at $45.30.
A hold here and this would be very bullish.
We can see that the 200 Day MA has been a strong support line and the price is above both the 50 and 200 Day MA now too.
2023-07-18 15:22:10 +0000 UTC View Post
Ascending wedge breakout here and looks like it is holding above the yellow line too.
This has been following our count nicely too.
Last hurdle for me here is getting above the blue line and holding at $47.
Holders here should be happy with what they are seeing.
2023-07-18 15:09:56 +0000 UTC View Post
Getting that break out of this long wedge and retesting now with a nice bounce, this is looking good here and money seems to be flowing to these low cap beaten down stocks too.
Holding above the wedge and we have a lot of upside showing for the remainder of the year.
2023-07-18 15:07:24 +0000 UTC View Post
This has gone parabolic in Subwave 3 of Wave 3 which is the only place we will tolerate this sort of move, looking like it wants to push to the previous high and that seems reasonable here.
$26.50 is the target here and then a pull back will be needed to keep the structure.
Very nice gains here for the year for $ENVX.
2023-07-18 14:47:03 +0000 UTC View Post
After $JPM beat on their earnings, there was no doubt that $BAC would do the same, as per our last chart, and we got a break out of the wedge and a retest of the wedge and blue line, followed by a bounce.
Up 4% now after a very good earnings report. Very nice here.
2023-07-18 14:23:50 +0000 UTC View Post
Just at the trend line resistance level now, after hitting a double bottom on the 0.78 Fib level.
The 50 Day MA looks like crossing the 200 Day MA very shortly which would be a bullish indication but we want to see a break out now and a retest of the wedge from above. If we can get this, it would be a buy signal.
So keep a close eye on this.
2023-07-18 14:08:24 +0000 UTC View Post
Same chart I uploaded last week, where we identified the double bottom.
The price action has bounced very well since and now above the last 3 highs and above the 50 and 200 Day MA's on the 1hr.
Count remains as shown.
2023-07-18 13:59:08 +0000 UTC View Post
Looks like it wants $75 and as current wave is looking extended which is typical for Wave 5.
I have provisionally put in an ABC corrective wave for now but this can only be confirmed when I see some slowing down of the price action and some resistance, I will be watching $75 for this.
But give this time to confirm its trend, I never sell the moment it reaches a target, I want confir...
2023-07-18 13:53:48 +0000 UTC View Post
Nice bounce so far on the trend line from above, we want to see this hold above $60 now and I am happy that we have support here.
Staying above the 200 Day MA was important here too on the 1hr and we have that.
2023-07-18 13:47:26 +0000 UTC View Post
Pull back was definitely needed here after climbing very aggressively on the strength of a short squeeze.
The pull back is trying to save the structure now and I have set Wave 4 completing at the 2 Fib, which is in line with where the 200 Day MA will meet the price action too.
A hold here, or above this level and this can move higher for Wave 5.
Wave 5 can move higher than $27...
2023-07-18 10:48:39 +0000 UTC View Post
No changes here, even with the red in the PM, the price is still above the 50 and 200 Day MA and these MA's have been a formidable support level since the start of June.
Another company that is holding up but needs China to help its economy very soon.
Again, as long as these important Moving Averages are held, the chart is still looking good.
2023-07-18 10:43:59 +0000 UTC View Post
$NIO registration numbers came in at 3900 today, so if they continue at this rate for the next 2 weeks, or even improve on this, they should beat their record for most cars delivered each month.
It is important that $NIO continues with this progression now.
Yesterdays price action was good, big test back down to the 200 Day MA and hit it exactly and bounced and finished the day gree...
2023-07-18 10:39:51 +0000 UTC View Post
Pulled back yesterday and started to recover slowly throughout the day, GDP growth figures came in yesterday and they were below expectations which gave rise to more calls of a stimulus package needed.....we know this is needed and the charts are showing that this is anticipated but we still need to see this announced.
Overall, the chart is still looking good and some red in the PM right ...
2023-07-18 10:32:43 +0000 UTC View Post
Here we go, a very well structured ascending wedge formed here and the top line has been tested a number of times now and with every pull back, there has been higher lows.
The ascending wedge is my favourite bullish formation.
So a break above $390 and this is will confirm Wave 3 and I expect this to move up to $500.
Subwave 2 also held exactly at the 0.618 Fib too, so this is...
2023-07-17 16:39:46 +0000 UTC View Post
No real concerns yet here, we know pull backs are healthy, the price action came right down to the 0.618 Fib level today and bounced, so likely we are still in Subwave 2 of Wave 1.
A break above the previous high at $8.40 would be a bullish statement and finally getting above the 200 Day MA at $9 confirms the reversal.
2023-07-17 15:45:30 +0000 UTC View Post
Performing well again today and just passed another milestone, breaking above the previous high from Feb.
I remember in Feb talking about how we would wait for the pull back to come and then go in heavy on $ABNB.
We set the buy zone, it entered and held in the buy zone 3 times, we added heavily and now reaping the rewards of being strict to our plan.
$ABNB is my largest positi...
2023-07-17 15:30:25 +0000 UTC View Post
Retested the wedge trend line from above and found support, just the blue neck line to clear next and I believe $BAC has turned a corner and should start moving higher.
Again we see that the impulse wave completes at Wave 5 at the end of this year.
2023-07-17 15:24:59 +0000 UTC View Post
$DIS did not hold the wedge line, many have done but its not always a guarantee, so the count remains the same and we are very close to our buy zone now which is under $84. Current price is at $86.
The previous low was at $84, so losing this level and we will watch to see where it finds support.
Overall, I do not think $DIS is in bad shape and their fundamentals do not show me anyth...
2023-07-17 15:22:40 +0000 UTC View Post
$CVS pulled back at the opening, very close to our ascending triangle break out level and has bounced since, we can see that the 50 Day MA is exactly at our break out level, so this is two potential support lines.
A hold here (which it has done so far) and we are confirming that this is a strong support level.
Next we will be looking for a break above the previous high at $72.84. 2023-07-17 15:11:40 +0000 UTC View Post