AMD is looking to finish wave 4 to go into wave 5 of a larger wave 3 which began in mid 2018. Looking for a dip to the 50-61.8 to get a full position. In my opinion, AMD looks to be still in its wave 4 which may coincide with my wave 3 INTC count. (i.e. rotation from momentum to value).
BAC is hitting some key levels. Looks to be finishing wave 2 of a wave 3 of 3. Play this if you prefer over JPM. I like this set up a little more, although JPM has a nice triangle. Looking to go long with a couple of diagonal spreads to reduce the cost basis of my monthly options.
JPM looks to have finished a complex wave 4 in an expanding triangle. Looking for a wave 5. It is hard to be bullish on banks, but given the recent allegations again JPM and the trendline support holding, it may be worth a shot at letting some monthly options play out.
BA looks to be finishing a triangle wave 2. A breakout would confirm this which could see a large impulsive wave 3. Stop loss would be below the bottom trendline.
BYND may have just finished a wave 4 triangle or a 1 2 1 2 formation and is going into wave 5 of wave 3. This ending wave 5 may be a part of a leading diagonal which could be wave 1 of an extended wave 3. Also there exists trendline support which provides clear defined risk. PT is at least 160, looking for 165 (triangle throw over).
LRCX has reached the 1.618 retracement implying the possible end of wave 3 of wave 1 of an extended wave 5. It could dip a bit to 330 then up to 350 possibly. Then a wave 2 correction to the 0.618 retracement of the wave finshed wave 1 in the short term. After which wave 3 is expected of the minor wave 5. I will be going long after wave 2 finishes which may be...
My interpretation of the SPX weekly chart. I do acknowledge the megaphone pattern, however, tried to make sense of the formation with EWT. If my wave count is correct, we are in a wave 2 right now, and may see it come down to the 38.2 (~3056, ideal) given that wave 1 was extended; or, we see 61.8 (~2726, less ideal). Even scarier, wave 2 could come back down to...
HPQ is in a rising wedge on the monthly chart looks to have completed Wave 4 during early March. It has been in a channel and looks to have finished wave 4 and is heading into wave 5. Targeting $20 and $21.
DIS may have completed Wave A of a complex Wave 4 or completed a flat Wave 4. Either way, the 50% retracement meets the 200 SMA where we may bounce here for Wave 1 of 5 or Wave B. Short term look is up, looking for $137. It is possible that if a part of a more complex correction, the gap could be filled from July.
JD looks to have finished wave 3 and is entering Wave 4. I'm expecting a zig-zag or flat Wave 4 given the triangle Wave 2. Looking to build a position at 38.2%, and fully in at 50% and 61.8%.
Short and Intermediate-term long. Long term short, could see a fall back to low 2000s by end of the year of the beginning of the year.
MACD is still positive, Moving Averages are still stacked.
Two potential Elliot Wave counts for the short and mid term. One count in blue, one in red.
SPX put in a weekly gap around 3272 and 3285, which could act as support for a wave B in the immediate wave 2 pullback. Mid-long term is bullish.
Potential Elliott Wave Analysis of ZM. Ideal Entry around $210, could start going long around $220. These are high volume areas and could see price push up from here after a ABCDE corrective pattern to 300+. Could also see a 3-3-5 corrective pattern with C dropping to $210.
Interesting long term Elliott Wave count on the daily chart. What makes this count interesting is where some of the fib extensions land; wave 4 projection finds its end near a gap ($61.10) and a possible wave 5 projection ends at former support turned possible resistance ($83.86). I have no idea as to the date this will take place, but I am thinking it will follow...
