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Pitchforks

Uranium ETF Wave ForecastAMEX:URA URA, the Global X Uranium ETF has completed the first wave of an impulse move, and is in the process of completing a Wave 2 correction. Wave 2 appears to be a complex correction consisting of two corrective patterns. (Zig-Zag + Triangle) The triangle is still in the process of completing it's structure. (I also want to note the possibility that wave 2 has already completed a flat correction and that the triangle shown in this chart could be wave 1 & 2 of the 3rd wave of larger degree.) Either way, price should begin rising sharply within the next month or two as it completes the triangle correction and begins Wave 3. Or in the case that Wave 2 is a flat, Wave 3 of 3 could already be on it's way. I've used a Modified Schiff Pitchfork to form a channel for the rest of this impulse move. I've kept these projections pretty conservative, the actual move could be much larger. Wave 3 is a 1.618 extension of Wave 1, and Wave 5 is only slightly larger than Wave 1. (Wave 5 = .786 of Wave 3, compared to Wave1 being .618 of Wave 3) Being that Wave 2 is a complex corrective pattern (zig-zag + triangle), I've projected Wave 4 as a flat correction. (If Wave 3 begins very soon, it would be likely that Wave 2 was actually a flat. If this is the case, expect Wave 4 to be a Zig-Zag) Disregarding any wave structure, price has formed a giant bull flag. I'm going to be purchasing some long-dated call options on URA once price breaks out of this bull flag and begins Wave 3. My conservative targets are Wave 3 = $60 and Wave 5 = $77 Fat_Fat
AMEX:URALong
by Cousin_Fat_Fat
3
Buy & Hold PalantirNYSE:PLTR *This is a long term investment idea* It's not a bad idea to start buying (& holding) Palantir down here. With all the geopolitical tension in the world at the moment, the demand for their services should keep growing for the foreseeable future. They have a stable stream of revenue from government contracts, along with a growing commercial business that should bolster their revenues. Hence, their ever growing quarterly revenue numbers. (Screenshot below) Technically speaking; momentum has been building bullish divergence for quite some time now. At the moment, price is within the bottom range of the arcs, and has exited the yellow pitchfork without reaching it's median line. (Hagopian Gap) I'm thinking that price should start climbing soon. In the long term, I think price will eventually get back to the all time highs at $45. Over the next few years, I'm thinking that a retracement to the 0.50 or 0.618 Fibonacci levels is likely. ($25 - $30) I'm adding some PLTR to my retirement account this week. I also plan to purchase some LEAPS in my trading account in three stages. Positive Momentum Breakout Weekly close above "Long-Confirmation A" Weekly close above "Long-Confirmation B" Fat_Fat
NYSE:PLTRLong
by Cousin_Fat_Fat
3
SPX retraced 50% of the post-Corona Bull in 50% of the time- BTDTLDR: THE SPX HAS JUST RETRACED 50% OF THE UPMOVE IN PRICE SINCE MARCH 2020 IN 50% OF THE TIME; THIS PROBABLY WASN'T A BEAR MARKET, BUT A TECHNICAL CORRECTION The 50% Rule of W.D.Gann states that an asset will usually retrace 50% of its range in 50% of the amount of time that it took to establish the range. Doctor Alan Andrews described the Action-Reaction system of technical analysis which also aligns with Gann's above theory As far as i can tell, apart from the Doomer WWIII-Weimar2.0 Narrative , the best arguments as to why the bottom is not in are as follows: 1. Bear Markets last longer than 10 months 2. The Vix needs a bigger spike, >40 3. Fed 'printing' History rhymes: hence in the first grey box...We see that in 2016-2018 there was a bullish phase (1-2) following which the market retraced 50% (2-3) over around six months and there was no capitulation spike in the vix; there was no QE going on in this period. Since the corona pandemic, we have had a bullish phase (A-B) and now a 50% retrace of that move (B-C) for over 9 months. I believe this has been a 50% technical retrace of the parabolic upmove between pivots A and B. I do not believe we are in a Bear Market. The 2016/18 bull move in spx was circa 60% in 3 years The post corona bull move in spx was circa 150% in just over 18 months A retrace of 50% in circa 6 months for the 16/18 move is comparable to this 2022 retrace over circa 9 months. Because this parabolic move up since the Corona drop was so brutal- it needed longer to retrace the move. BUT MOREOVER SPX HAS JUST DONE THE PERFECT 50% PRICE AND TIME RETRACE Yes the economy is challenged by the growth versus inflation paradigm... Some things never change... The market is not the economy and the market is forward looking... Yes i do believe great system change is inevitable, but i believe it is fiat currencies rather than equities that will bear the biggest brunt of this- pun intended. GRI 2022 ***NO ADVICE 'EVERGIVEN'*** (you can't Suez me ;-)
SP:SPXLong
by Great_Reset_Investing
10