Stoic-Trader

Stoic-Trader

$PTON is retracing the big 10x move from 2020, and 50% pullback has already been reached. Nevertheless, I don´t see a trade unless both the black trendline AND mid 90s resistance are broken. From my point of view, a test of 61,8% retracement (@ 76.58) would give us even more value to be captured.

Stoic-Trader

The criteria for a full pullback has been met: ABC Zigzag 3 waves down on wave C Divergence on the end of wave C 50% retracement from wave 2 100% extension on waves A-B I expect a rebound from the yellow area, and will enter a trade after minor waves 1-2 are formed and broken.

Stoic-Trader

My main scenario is that the correction that started in the end of February is not over yet. See related ideas for initial views on the correction, which have played very nicely. Right now I´m expecting a 3-3-5 as a flat correction (which would give us first target for wave C @ 77.00). Waves A and B (light blue) have already made 3 sub-waves each, and we are...

Stoic-Trader

I expect EURNZD to continue falling, with target @ 1.63. We could be in a Wave 5, and resistance/support levels have been pretty reliable. My plan is to take partial profits on each of the green levels.

Stoic-Trader

Short term price action indicates a correction could take us to test the 119 region. Wave B could be an expanding triangle. We will look for RSI divergence on M15 timeframe when testing the upper trendline in order to look for SHORT trades.

Stoic-Trader

The pullback from 1.114 is following a clear channel. The confluence of Fibonacci extensions from the first 2 waves down (WX and AB) suggests that the pullback would extend to the 1.087 - 1.093 area. From that point, we will look again for long opportunities (waves 1-2 bouncing out of the yellow area).

Stoic-Trader

After a nice bull run, we are currently seeing RSI divergence in the Daily, H4 and H1 timeframes. Our primary Elliott Wave count also supports the idea that the uptrend is in its final stages. Pullback targets are shown on the chart (recent levels of support).

Stoic-Trader

After touching the "value area" I mentioned in my last Bitcon idea (see related ideas), we had a very strong bounce and waves I and II may already have been completed. Uptrend is looking very solid, with no RSI divergence on the H4 timeframe yet. Our target for wave III is in the 67k-69k range. Breaking down from 52414 will invalidate the count, but not the uptrend.

Stoic-Trader Updated 

Recent price action is showing that 50% retracement held nicely at a support level. I´m taking the trade if friday´s high is broken (@63.19). If recent bottom is breached (@56.43, trade is invalidated (or stop loss if trade had started). Targets are: 69.96 (1:1 risk/reward) 83.44 (3:1 risk/reward close to 161,8% fib extension)

Stoic-Trader Updated 

GBPJPY broke the neckline of a head & shoulders pattern, and is currently retesting it. If a new leg down starts, we will take the trade (@ around 149.50). First target is a 100% extension of the ABC pattern (@ 148.00). Second target is 161,8% extension (@ 145.50). If stop loss level is hit before the entry point, trade is invalidated.

Stoic-Trader Updated 

I see the completion of and ending diagonal, with textbook RSI divergence. Let´s see how the wave 4 correction plays out. Ideally, I´d like to see an ABC pattern taking us to the mid/low 40,000s.

Stoic-Trader

I´m expecting a zig-zag correction in XOM, and if waves A & B are over, we could have a downward movement that would take us below $50. Value area is in the high 40s, where I´ll look for a bullish reaction to enter a trade.

Stoic-Trader

Price action from Nov 2020 (A) seems anything but impulsive. Conditions for a running or expanded flat have been met @ 123.6% fibonacci level. We are currently testing strong support (also forming a Head and Shoulders pattern). I don´t believe we will go below 25 for an expanded flat, so I´ll look for bullishness in the 40´s, in a running flat.

Stoic-Trader Updated 

The 2-month triangle could be in its final wave (e). We don´t trade pure wave counts, so we´ll wait for some type of bullish price action (a decent break of the triangle) to get into a trade. Breaking of 39.52 invalidates this count.

Stoic-Trader

The bottom trendline of an ending diagonal has been broken, and we could have started a short-term correction. It´s still too early to call correction targets, but ideally I´d like to see a pullback to the mid-50s (fibonacci levels, beginning of the diagonal). After we see a clearer "signature" of the correction, I´ll post an update.

Stoic-Trader

Our primary wave count indicates $JNJ could still have room for some great upside, to find new highs above $200. The main target is the 1.618 extensions from waves 1-2, at $212.20. Below 150 would lead to a new wave count.

Stoic-Trader

This is our primary count at the moment. It is valid while 74.92 is not broken (in that case I´ll have to recount). 1st target is the 1.618 extension of BLACK waves 1-2 @ 130.54. I´m expecting an extended BLUE wave 5.

Stoic-Trader

We´ll be trading the downside from current levels, based on the conditions of a running flat being met. Our first target will bring the trade´s risk to zero. Second target is at a major support level.