BlueLineTradingLLC

BlueLineTradingLLC

PLTR has been slow to get off the ground, but treading below 30 has proven to be strong long term accumulation. That said, while the structure is a little unclear due to it’s recent parabolic nature, there is evidence in possible counts that a pullback is near, and will possibly create a buying opportunity. With the lack of weekly divergence, I would lean toward a...

BlueLineTradingLLC

While the higher degree long-term outlook for this dividend giant is bullish, the short-term outlook is not likely to bring new all-time highs. Earlier this year we anticipated new all-time highs, but that changed when KO hit it’s 63.18 low last week. What changed the forecast was the technicals surrounding that low. While the price action is currently cooked to...

BlueLineTradingLLC

While there is some uncertainty in the great market, AAPL appears to have a bright future. The chart structure appears to be in greater degree wave three, which has substantial upside to come. That said, the markets don't move in a straight line and when breaking down the potential micro counts, the current downward push appears to be losing steam quickly. That...

BlueLineTradingLLC

Over the last three weeks, sellers have been aggressively selling, creating a pretty clear three wave corrective structure with a possible target of 5300 support. Daily RSI is cooling substantially as price nears that zone, indicating a possible change of behavior may be coming. When combined with the weekly divergences, the evidence suggests that we are likely...

BlueLineTradingLLC

With the clear structure forecast, there is a pretty clear path for a meaningful wave four pullback. Per pinball theory and option flow, we should be targeting the $100 zone, which is an excellent round number that market will likely gravitate to.

BlueLineTradingLLC

Analyzing CVNA’s chart shows us a fresh RSI low in late 2022, with a price action low as well. From that low, we have a clear 5 wave structure forming off the low that puts the current price action in the beginning stages of wave four, which has a target in the $100 zone. With wave three hitting the 200% extension, we can treat wave three as extended, which puts...

BlueLineTradingLLC

When looking at the chart, we have a clear three wave structure coming down from the November 2021 high. That puts the current price action in wave C, with the question of where will wave C end. That said, institutional activity has left a clear roadmap with strong support at the .764 extension around $57, which should create a fresh low on the weekly RSI to start...

BlueLineTradingLLC

When analyzing the chart, we have a clear weekly low on the RSI in July of 2023 that corresponds with the low on the chart, telling us that a new structure is likely in play. The RSI makes consistent new weekly highs up to January of 2024. Telling us that something on a lower degree has ended, which we determined to be wave one of a larger structure to the upside....

BlueLineTradingLLC

BAC has an interesting chart structure at the moment. There is a fresh weekly low on the RSI in March of 2020. From that low, there is a very clean five wave movement to the upside that terminates around 49.50. Following the 49.50 top, we get a meaningful pullback that resets the RSI at around a price point of 25. Based on the RSI and clean structure, we are...

BlueLineTradingLLC

When analyzing TGT, there is a clear fresh weekly low on the RSI in October of 2023. That said, TGT is a prime target for a Elliot Wave Forecast. The big question when forecasting TGT, is if the wave two pullback, that started in April of 2024, is complete? Based on last week’s weekly candle structure, we see a high probability that a reversal off $138 zone...

BlueLineTradingLLC

When considering the forecast and the evidence that supports it, it is likely in wave three to a higher degree, which is the bread and butter of swing trading. That said, the safest wave three entry is often the break above wave one of three, but in this case, the 8 and 21 EMA gave a buy signal, weekly volume is ticking up, and the weekly RSI is holding above 40....

BlueLineTradingLLC

While there is an alternate count that treats wave two as a flat correction, there is more evidence to support the listed forecast. Based on the high extension of wave one of three, it is likely that wave three will be extended and target the 260 zone. Currently, the weekly volume steadily increasing over the past few weeks supports that this could get moving to...

BlueLineTradingLLC

When analyzing BTC, we have a pretty distinct five wave move off the November 2022 low, which we are treating as a higher degree wave two bottom. That said, the RSI indicates a divergent high in March of 2024, marking the top of wave one of wave three. While the retracement from 72k to 56k was a more substantial pullback, we are treating that as only wave A of a...

BlueLineTradingLLC

BTC is heavily traded by retail, making it a prime target for Elliot wave forecast. While you may think 170k is not possible, many said the same about 20k and 70k.

BlueLineTradingLLC

The weekly volume downtrend has started to show signs of a shift on the last low, which found confluence with the .786 retracement, which is a common wave two target. That said, if the shift continues, I would expect TSLA to start a aggressive move to the upside.

BlueLineTradingLLC

V hit the 1.236 extension back in March and has been in a choppy pullback since. The weekly RSI suggests we are still in the greater degree wave three, which would make the current pullback wave four of three. That said, we are targeting between 262 and 254 for the wave four of three pullback.

BlueLineTradingLLC

Based on the current structure off the bottom of the Covid 19 correction, it appears we have a clean wave 1 and 2, and we are possibly in the beginning stages of wave three, with weekly RSI and MACD supporting the theory. That said, looks like price is currently in wave 1 of 3, which we would like to see target the .618 extension, but with the greater market in a...

BlueLineTradingLLC

While the structure off the October 2023 bottom, is not the most revealing, due to it’s lack of sub-structure, it is a testament to it’s bullish nature.