Pulling back to the wedge trend line at $84.30 now, we spoke about this possibility yesterday, I want this to hold above but it is in the hands of the market now.
I will not be selling $BABA under any circumstances now.
I am happy to hold and buy more if it enters the wedge again and the buy zone.
$NIO is just at that UAE symbolic $8.75 level in the PM now, after losing it slightly earlier in the PM.
The plan remains the same here, it is not looking particularly strong to hold that important $8.80 level and $8.75, the market is also very weak right now in the PM.
This is a big ask for bulls to step in and continue to fight and hold this....as the time goes on, the heads may...
$SE is still searching for support and the PM is just at the 0.78 Fib at $58.25 exactly now. We do not want this to go below the Wave 2 low at $56.20, then the count will need to be changed then.
I have been doing a lot of work on $SE over the last while and I am very optimistic of its future.
Members may not feel comfortable holding this if it does not hold the $56.20 line, consi...
Very little that can be done here, this needs more price action. It is in a comfortable positive upward channel here but the price action is consolidating in a positive manner. A break to the upside and the targets are as shown and we can start adding impulse waves then. A break to the downside and this needs to hold the blue line which was the previous support low.
2023-06-23 11:03:37 +0000 UTC View Post
Break down from the yellow channel but made a higher low and bounced in a structured manner, pulling back now and bulls will want to see this hold the Fib level in green as shown at 477 for Wave 2. Successful hold here and this can move higher for Wave 3 and continue on its impulse wave count.
2023-06-23 11:01:21 +0000 UTC View Post
Currently the price action is showing a bounce which looks corrective to me, the slight pull back is common for a Wave B pull back, so I will need to see more price action in order to change my view that this is only a corrective wave....if it can move in 5 waves up to hit Wave 1 and then pull back for Wave 2, I will be happy that this is then an impulse wave....for now, there is only 3 waves v...
2023-06-23 10:57:54 +0000 UTC View Post
I have cleaned up this chart as it has been a number of months since I uploaded it last and I eliminated the count which brought this down to the blue line. So far it has hit our first target with no issue and I expect it to continue upwards to our second target, that is where the big test will come. A break above and the green impulse wave is confirmed....a rejection and we could see 5 waves d...
2023-06-23 10:55:20 +0000 UTC View Post
No surprises here, this is still in this long and large wedge and still below the 200 Day MA and although Bitcoin has enjoyed a very good bounce right now, $COIN is lagging and its chart is not as favourable looking as $BTCs right now.
$COIN needs to get above the 200 Day MA, the wedge trend line and the blue resistance line to change this trend, these are big asks.
I have added i...
Very long term chart here, almost 8 years...I needed to go back longer than 15 years to find the true trend here and sometimes it makes the chart a lot clearer when you do this.
Breaking out of this wedge is the key to more upside, this may not come until next year as it makes its way through the wedge, it is just at the 200 Day MA right now but can come down to the bottom of the wedge a...
Long term chart here, the trend has been slow and steady and this is perfectly fine, the price can continue in this trend channel unless its growth trajectory changes and if this is the case, Wave 3 could come in sooner. For now, as long as it stays in the channel and not in the bear case, the upside potential will remain.
2023-06-23 10:46:10 +0000 UTC View Post
Nice bounce today on the 200 Day MA on the 1hr chart which was just below the 0.5 Fib, so we can see that the price action came down to between the 0.5 Fib and the 0.618 Fib and bounced.
The RSI is showing a bounce from the bottom too and the MACD is starting to trend bullish too....this is on the 1hr, so this is positive signs but we need to see more of a trend.
I believe the mar...
$NIO dropped to the $8.74 today, below the $8.80 level we said was potential support. $8.74 is important because it was the share price that the UAE govt funding scheme paid $750 Million at, which accounts for 7% of the company.
There is certainly a crack in the support level however, today showed that sellers are still around and it is likely to still finish red for the day, at -1.5% fo...
$BAC has cleanly rejected at the blue line now and has been pulling back, in the last update we said that the banking sector is not showing the same enthusiasm as the overall market as it is still struggling, we can see that the Real Estate sector is experiencing this struggle too.
The 200 Day MA has been lost here on the 1hr and we can see that the 50 Day MA is starting to curve downwar...
I have eliminated the corrective wave here as the pull back has been very good to the 0.65 Fib which is very common for Wave 2, I have attached a previous chart from the start of April to show how well this has been tracking our trajectory, so I am happy that as long as the price action continues in this structured manner, it will continue along the impulse wave.
2023-06-22 15:25:31 +0000 UTC View Post
$INTC continues to be a heart breaker, it rallied last week but was not able to sustain the support and has since, like $AMD, come crashing down quite aggressively too, if this goes below $31.30 again, it is back into the range again which it had been in for over a year.
Where it finds support now is important, the 200 Day MA is just below and will likely meet the price action just at t...
Nice pull back here and I still expect this to go below the previous low at $152, once this goes below $152, fans of $ENPH should be preparing their strategy and watching for signs of reversing and Wave B being complete.
2023-06-22 14:36:20 +0000 UTC View Post
Early stages of an ascending triangle here for $ABNB as it is potentially prepares itself to take on this yellow trend line at $130, I believe this trend line is an important resistance line to break above and hold. If successful we could see this move up to $168, we will assess how it develops if it does not break above this line.
2023-06-22 14:26:29 +0000 UTC View Post
$SPY like $QQQ has been pulling back over the last few days, $SPY is now back in this large wedge, after forming a small H & S pattern on the smaller time scale.
I suspect a pull back to the blue line, which was the previous high is still possible, breaking below this line would make this very interesting but for now, it appears to be just a pull back in Wave 3.
$CHPT is bordering on getting in trouble here, it has not managed to hold the blue line which is vital here as part of this corrective wave, a failure to hold this blue line means it is into the bear case and at risk of coming down a lot lower to the targets shown, initially at $5.
$TSLA appears to be beating all of the competition at the moment by starting a number of charging partnersh...
$DRV is up 5% today as the comments from Powell are still causing uncertainties in the Banking and Real Estate market.....in essence, the longer interest rates stay high and there is no cuts expected soon, this will continue to add pressure on the banking and consequently the real estate (especially commercial real estate) sector.
The count remains the same after holding on for dear lif...
There is a base forming here for $AMZN, this may be preparing for a break to the upside now, we know that the 1.27 Fib at $129 is an important level to break above, so far today the price action is performing well, we want to see a break above $129 and holding above this level, the 1.618 Fib next at $140 should be no issue then.
2023-06-22 13:53:35 +0000 UTC View Post
Getting very close to the previous high at $31,100, a break above this level and Wave 2 is complete and we are in Subwave 1 of Wave 3, if this is the case and you have no added yet, wait for the Subwave 2 level to complete to add...I will add the Fib levels for Wave 2 once I see Subwave 1 completing.
2023-06-22 13:10:34 +0000 UTC View Post
$GOLD is part of our Top 20 List but we barely have to upload it every week because it moves so slow and it hasn't changed from our projection in months now.
The chart is showing a strong pull back, the likely pull back level is to the previous support at the yellow trend line at $1550. This would be quite the pull back from the $2000 level.
We can see that $ETSY has given a false bounce, leading buyers back in again, this certainly looked like going against our trend and that was due to the company announcing a $1 Billion share buyback....I think share holders will appreciate that management are trying their best but it is difficult to fight a trend like this.
The price action formed an ascending triangle on this news and h...
$PATH has pulled back after not maintaining support above the blue line, so far it has pulled back in 3 waves so this is not showing much concern for now, I have added in the Fib levels where it needs to find support, so for now, the 0.5 Fib at $16.16 and the 0.618 Fib at $15.27 is where the bulls will want to find support, a successful hold at one of these levels and it can move higher for Wav...
2023-06-22 12:51:36 +0000 UTC View Post
There has been wild swings here since April, for now the fundamentals do not translate into a valuation of $4.2 Billion but with a company name such as $Ai, it has certainly benefited from the Ai craze over the last few weeks....it topped out at $50 and has pulled back quite aggressively.
$35 is where everyone should be watching now....if it breaks below this level, the impulse wave...
2023-06-22 12:47:26 +0000 UTC View Post
I have added in the potential corrective ABC wave for Wave 2 now. This is the ideal count downwards, we know it can move in a number of ways but ultimately we want it to move in 3 waves and finishing between the 0.5 and 0.618 Fib between $11.56 and $10.25.
Let's see how this develops, it has rejected hard since hitting our Wave 1 target exactly.
I think a lot of our members would ...
More red for $TSLA today in the PM, after topping out at $277, it is now at $250 in the PM, we spoke before that the 3 waves were quite corrective looking and the bulls need to keep this above $268 in order to break this wave count, they have not managed to do this....PM has lost the 50 Day MA too which has not been lost to this extent since the potential bottom of Wave 2 at $152.
So what...
2023-06-22 12:34:50 +0000 UTC View Post
$LUV is almost identical to $JBLU here, breakout above a resistance line that has been in place since the start of 2021, with a lot of upside here.
$DAL, $JBLU and $LUV are in strong position, choose which company you prefer.
I have $DAL and I would favour $LUV second, their model and history speaks for itself.
Knock, knock!
Jetblue is just tipping its head above this long trend line here which has been a resistance line since the start of 2021.
A break above here and it holds, this has a lot of upside potential, with a target to $21.
If you have missed $DAL, $JBLU may be of interest to you here, wait for the confirmation of the break out and hold.