ThePennyMan

ThePennyMan

SPCE appears to have a decent uptick in these recent days. The resistance at the $7.00 - $7.10 range appears to be shorts trying to maintain sell pressure. However, this stock is growing in interest, peoples screeners are picking it up/retail is beginning to notice the setup. Ideally we see a fast move to the $10 range soon, no major resistance points till the...

ThePennyMan Updated 

Hey all, Penny man here to collect a few pennies for my piggy bank. This looks like a text-book B wave corrective setup. Only question is do we fall from here or do we have one last leg up before falling? Overall Bearish Price Target: $104 Reasons? 1.618 extension of leg A plus matches with significant daily VWAP level from the last significant bottom of a...

ThePennyMan Updated 

Hello all, just a man following those pennies. The structure I am seeing on GME hints at a likely higher low to form Thursday (6/13/24). I do believe that there's a significant likelihood we see a bullish sweep, and looking at this overall structure I do believe a higher local high (above $34) will be made. However, the long-term picture of this, suggests a...

ThePennyMan Updated 

Penny Man Here lads. As you know, CitiGroup downgraded ZIM to a sell rating, causing price to cascade in a massive onslaught closing almost 20% down in a single trading day. Looking for a B-Wave setup,. NOT going long on the expected come-up for the B wave. I do plan on buying some short-term puts that are OTM. Probably give them 1-2 weeks time with the...

ThePennyMan

Very obvious WXY pattern going on here. Rarely trade crypto, but this pattern is so delicious just had to post about it. No positions taken. Unsure on how low the Y wave could complete, given bullish condition surrounding the market, very likely to just test $50 before resuming uptrend.

ThePennyMan

We have 2 different primary counts on NKLA. The first would have us assume that the recent downturn from $3.71 to $0.81 was all the downside we'll see. However, the structure for this move leaves no obvious evidence that it was the complete correction. Hence why I left a (2)? at the base of that move. If this is a full complete correction, 0.81 cents was the...

ThePennyMan

Through deceitfulness of the current CEO regarding a surprise share split, the stock has seen a lot of damage recently. However, keep in mind that in order for shorts to make their money/profit. They need liquidity to exit their trade. There's a ton at this level given VPR, that combined with the 0.886 Fib level, we're definitely at the max pain zone. Highly...

ThePennyMan

Previously, I had put a rather bold prediction calling a shot term top when CVNA first hit the $28.50 price range. Obviously, you cannot make a full prediction on how a correctional will play out, the most common of which are A-B-C setups. This is setup to be an expanded or running type of flat correctional. Based on the key trend-line we have yet to test, my...

ThePennyMan Updated 

The S&P 500 is setup in a third wave extension, likely to burn out around the 448 range. The pullback to follow this will likely start out slow as bulls pull back their bids overall. Expecting this pullback to proceed to the $422-$428 range in early-mid august. I am best at predicting what, not when. Trend lines do great help in trying to assess the pace of the...

ThePennyMan Updated 

It's so hard to fit this idea in a digestible way that can be viewed well. I've opted to just posting the most relevant part first and as we develop and update our count I'll post pictures till we're out of wave 1. CURRENT STATE: MICRO COUNT - WAVE 2 (5 WAVES TOTAL) We've got ourselves a nice little expanded flat it appears, the 1.618 extensions also line up...

ThePennyMan

TIMELINE HERE IS NOT ACCURATE MOST LIKELY. Separate posts will be made as we make each micro-wave for short-term predictions on how they'll most likely pan out. Maybe just plan on using this as a long-term guide/hub to all the other ideas I'll eventually link to this original one. It was difficult to find relevant trend lines here so finding a timeline for the...

ThePennyMan

Unity has recently had a significant pullback after finishing a solid 1-5 impulse set. This is purely a technical play, trend lines were hard to find here for this due to the ongoing sideways nature over the past year of this stock. I will be making a separate post in the coming weeks about Unity detailing the structural schematic appearing to be an accumulation...

ThePennyMan Updated 

OKTA - had a bad crash due to bad year-over-year earnings report despite crushing expectations. Wave count suggests it was due, expanded flat setup, even with a good earnings report, very likely it would've rejected the 93.50 mark on the first attempt. We're looking for a strong pullback followed by a lot more down-turn, towards the 1.272 expanded flat range of...

ThePennyMan Updated 

Carvana is setting up for quite the run. Despite seeing a quick increase in price from $15 a share all the way to $26, this Elliot wave count presents a sizeable 3rd wave extension. Right Now It looks like we've completed a minute 3rd wave extension, price is looking to move in a serious pullback. The $15.20 range is a big aggressive! If bulls are impatient...