UnknownUnicorn182749

UnknownUnicorn182749

WYNN had a rough second half of 2018, dropping from $200 to $90 over six months. The stock has been trading sideways since its October 30 low, but it looks ready to continue its sell off with the completion of an expanded flat correction. There a clear three wave rally in Wave A, followed by a three wave move to a new low in Wave B. The subsequent five wave move...

UnknownUnicorn182749

This 60m chart of SJM shows a decisive sell-off from 126 to 96 (20%+) between April and June. Even without knowing the larger degree wave count, it seems fair to label the move as a Wave 3 based on the prior structure of Waves 1 & 2, as well as the momentum measured by RSI. Technical indicators are typically strongest during Wave 3, which is evidenced by RSI...

UnknownUnicorn182749

This 30m chart of AET shows what looks like an impulsive move higher in progress. Wave 3 extended to the 161.8% Fibonacci extension of Wave 1, increasing the likelihood that it is a trending progression. Now looking for a sideways consolidation in Wave 4 before a push higher in Wave 5. Compared to the sharp, deep retracement of Wave 2, expect Wave 4 to be a...

UnknownUnicorn182749

This daily chart of AMT presents a good opportunity to get long ahead of a breakout higher. The stock looks to be in Wave 4 of an impulsive move that began back in 2016. Wave 3 extended to the 161.8% Fibonacci extension of Wave 1 and clearly divides into five smaller waves. We're now looking for the ongoing triangle in Wave 4 (blue) to complete somewhere in the...

UnknownUnicorn182749

This 120m chart of APA shows the stock trading sideways in a horizontal range. It looks to have broken lower from a rising wedge as it hit prior resistance. Initiating a short position at 44.50 for a move lower. Immediate target at 39.50 with an extension down to 34.50. A move above 50 will cause me to reevaluate the trade.

UnknownUnicorn182749

This 120m chart of PVH shows the stock breaking lower through trendline support. The move off the high is in 5 Waves, which means it is likely Wave A of a correction or Wave 1 of a larger downtrend. Either way, this is an opportunity to sell into Fibonacci resistance ahead of the next wave down. Initiating a short position at 153. Immediate target is 140 with an...

UnknownUnicorn182749

This 120m chart of NVR shows an ongoing triangle within a larger degree A-B-C correction. I'm counting the sharp, impulsive move off the high as wave A, followed by a wave B triangle. If the stock breaks lower from here, profit targets would be the 61.8% and 100% Fibonacci extensions of the distance traveled in wave A. Initiating a short position at 3050 for a...

UnknownUnicorn182749

This 120m chart of PNW is a follow-up to the daily chart posted earlier today. From an Elliott Wave perspective, I see recent price action as a flat correction (3-3-5) nearing completion into the 50% Fibonacci retracement level. RSI overbought and starting to show divergence means that the rally is losing momentum. Looking for the stock to roll over and begin...

UnknownUnicorn182749

This daily chart of PNW is showing three separate reasons to get short: 1. Price recently broke through long-term trendline support 2. It looks to be carving out a Head & Shoulders pattern 3. The sell-off from the high was impulsive, followed by a sideways correction Initiating a short position at 82.50 and looking for the stock to roll over. Immediate profit...

UnknownUnicorn182749

This 60m chart of KIM presents a short-term buying opportunity. The stock has broken through long-term trendline resistance and looks to be carving out an impulsive move higher. Initiating a long position at 16.50 for a ~10% move up toward 18. A move below 15 invalidates the setup.

UnknownUnicorn182749 Updated 

This 60m chart of XLE shows the energy ETF threatening to break through trendline support after completing a 5 wave impulsive move higher. Initiating a short position at 76.50 for a move lower, with an immediate target at 73. A move above 80 invalidates the setup.

UnknownUnicorn182749 Updated 

This 30m chart of BKNG (formerly Priceline Group) shows the standard "5-down, 3-up" pattern that is the most basic sequence in Elliott Wave theory. The corrective rally simultaneously hit the 50% Fibonacci retracement level and trendline channel resistance. Initiating a short position at 2110 and looking for price to roll over into the end of the month. Immediate...

UnknownUnicorn182749

This 120m chart of IP shows the stock breaking trendline support and then holding a re-test of the trendline as resistance. Further, price action from the high looks to be a clear "5 down, 3 up" Elliott Wave pattern. Initiating a short position at 53.50 for a continuation lower, with a profit target at 43.50. A move above 60 would cause me to reevaluate the trade.

UnknownUnicorn182749 Updated 

This 15m chart presents a short opportunity on IBM. The stock looks to be at the top of its short-term range with significant RSI divergence. Initiating a short position at 147.25 for a move back down toward 140.

UnknownUnicorn182749

This daily chart of CHRW is straightforward. Resistance, once broken, becomes support. The move from 60 to 100 was a clean break through resistance at 80, followed by a simple 50% correction. Initiating a long position at 90 with the intention of holding for as long as price stays above 80. Initial profit target at 110 for a 2:1 reward-to-risk ratio.

UnknownUnicorn182749

Tracking this 180m chart of ALGN for a potential short opportunity once the stock rolls over. It has been climbing a wall since breaking out of a wave 4 triangle in late April, but momentum is slowing and starting to show divergence. Waiting for price to break trendline support to establish a short position against the high. Expect the subsequent move lower to exceed 10%.

UnknownUnicorn182749

This daily chart of AMT shows a clean impulsive move higher with the stock currently trading sideways in a wave 4 triangle. Good alternation between waves 2 and 4 supports the bullish outlook. It's also worth noting that wave 3 was a perfect 161.8% Fibonacci extension of wave 1, which is a common ratio for an extended third wave. Initiating a long position at 141...

UnknownUnicorn182749

This 120m chart of COST shows a pattern that I trade frequently - the ending diagonal. It is a setup that, when identified correctly, can result in sharp moves lower as the stock breaks out of its impulsive sequence. I recently placed a similar trade on INTC that is working well. As COST grinds higher in a converging wedge, it looks to have "thrown-over"...