$AMD | TRADE IDEAAdjusted my AMD count and this one makes more sense to me now. Looks like a larger nested 1-2 count instead of a 3-4 from the falling wedge area. This makes the count much more bullish and aligns a bit better with current price action.
As long as $118 low holds, I expect $146 target.
Calls
$OSTK | TRADE IDEAIt's probably nothing right...?
Looking for retest and hold of breakout to confirm higher!
Overstock is Ready, Are You?NASDAQ:OSTK
This stock came up on my option scanner and I have to say that I totally agree. This thing could just be getting started.
I looked back to see how price reacted at this level when the above indicator was this far extended. We got some pretty nice gains, most notably the first.
PT $125?
$QCOM | WEEKLY WATCHLIST 11/1 Didn't have time to do a full Elliot Wave Theory analysis on this one, I apologize for that. However, very clear supply/demand zones labeled, while trading within a wedge. Extremely attractive bullish inverse head & shoulders shown on the chart, looking to potentially confirm and breakout early in the week.
The only thing holding me back from this is the fact that Qualcomm reports earnings on November 3rd. Setup is extremely good on this one, so I may make an exception and possibly day trade this one before earnings. Not looking to swing until after earnings is reported.
$NVDA | WEEKLY WATCHLIST 11/1One of my better counts that I'll be watching develop. We have hit and rejected the 1.618 fib extension wave 3 target of $257.32. I anticipate some distribution to occur this week near this level before an ABC major wave 4 retracement takes place. This should take us anywhere between $226-242 (I know this is vague for now since not much clarity yet) and should expect a bounce somewhere in this price range. Once we can confirm all of this is correct thus far, I will then consider starting my long swing for the wave 5 target of $290-300. Patience is a must here and we will most likely be tracking this setup for 2-4 weeks.
$NIO | WEEKLY WATCHLIST 11/1After an extremely frustrating and long corrective phase, I believe we are nearing the end of this. Looking for a dip to complete the wave 2 retracement and a very buyable zone from $35-37 as long as it holds. I see this as a major bottom and wave 3 to proceed with minimum target at $48.57.
I still hold 2023 calls and will continue adding on dips (including this one if it plays out). My long term view of NIO is quite bullish and I believe it is lagging quite a bit against the rest of the EV sector. Don't be surprised to see this at new ATHs in 2022.
$GOOGL | WEEKLY WATCHLIST 11/1I alerted a Google long debit spread last week and those printed in the end of the week! Expiration is this Friday so please take caution. Looking to potentially roll profits into a new position depending on how price action looks early in the week. An amazing breakout and reclaim of the longer term daily channel.
Last week, I said it was KEY that we get a daily candle close above the previous ATH level of $2925.04 which we did get. Looking for continuation this week to reach my wave 3 target of $3032 before a short wave 4 retracement and 5th wave higher. Really loving this setup as this leads big tech.
$ATVI | WEEKLY WATCHLIST 11/1Beautiful chart, terrible timing. Activision reports earnings on November 2nd, therefore I will wait until after to consider a position. With that aside, the chart looks amazing. Headed into a possible wave 3 with target at $87 as long as $76.25 holds.
Might be worth an earnings lotto if you're into that.
$AMD | WEEKLY WATCHLIST 11/1Looking like a potential local top may be in here with a pretty convincing reversal daily candle. Expecting quite a bit of choppiness for the next few weeks/month to retrace and build a base for a fifth wave higher towards my $138 target. Patience will be key on this to wait for the right setup to present itself. Worth keeping on your radar if the retracement happens quicker than anticipated.
$AAPL | WEEKLY WATCHLIST 11/1After reporting their earnings last week, Apple fell to the $147-147 level and currently trading within that range. I still believe we will see a continued corrective wave to complete either a wave 4 or wave 2. (Hence why the recent peak/following potential low have two number labels) It is currently unclear which is the correct label, however the outcome is still the same. Expecting Apple to come down to the $142-145 range for an optimal buying opportunity to take a long swing. Sitting on the sidelines until then.
Can the Market Sell Off? These Indicators Say Maybe...AMEX:SPY , CME_MINI:ES1!
I was surprised to see in the indicators lining up in this way. If you look at the previous times I've marked on the chart, we saw some pain following a 0 cross of the top indicator in addition to the action in the lower indicator.
I think people may feel caught off guard leading to some volatility but if this is the case, I would be surprised to see a dip lower than what we just experienced. Although that is very possible at these levels.
MSFT ATH BreakBroke ATH, good long entry on the close if >306.
Long Calls work well, but I will be using Call Debit Spreads IAW my risk tolerance & time horizon.
Call Debit Spread
Cash Collateral
Levels on Chart
SL < 305.86
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
10/29 307.5C
SELL
10/29 320C
R/R & Breakevens vary on fill.
The long call is placed ATM for higher chance of profit,
The short call is placed 2 standard deviations away.
Bullish Water Stock - AQUANYSE:AQUA
This stock came up on our screener and looks like it could be coming up on a longer-term resistance level. Water could become more difficult to access as supply chain shortages are affected, rising the price of even every day essentials including clean water.
I'll keep an eye on this stock, the indicators are all very bullish and looks like a breakout here may be possible.
AAPL Looks Tough to Call But Resistance is ClearThe behemoth that is NASDAQ:AAPL is going to report earnings October 28th. Typically, most stocks experience a "pre-earnings run-up" with most of the gains in the options contracts being made before the earnings announcement. That is particularly true with tech companies.
With that in mind, the resistance level is going to come in around 153. That will be the level to watch post-earnings.
$PINS | WEEKLY WATCHLIST 10/25After absolutely CRUSHING it on Pinterest last week, I have an updated chart overlook for this week. Just to recap, we entered long last week at $54 on the break of the downtrend. $PINS soared up to $66 on the news that PayPal was in talks to acquire them, and we have since secured profits.
I believe that was only the beginning of the big picture, and we put in a solid wave 1 last week. Looking to start averaging into a swing position in my buy zone around $52.61-56. From there, we should see an impulsive wave 3 up to fill the rest of the daily gap taking us to $70+. Really love this setup, but remember to wait for confirmation and average into your swing position to help mitigate some risk!
$MU | WEEKLY WATCHLIST 10/25Not going to over-complicate this one. A simple cup & handle pattern spanning out for over a couple decades. It is important we keep in mind the timeframe of this chart when analyzing the stock.
We are currently pulling back from the double top at $97, and trading within a tight falling wedge pattern. With the bottom of the wedge intersecting with MAJOR demand zone between $62-65, this will be my most ideal buy zone.
At $62-65, I will start averaging into a long term bullish position on MU. I believe with time and patience, this one will pay off big time and inevitably see $100+. Much like it's counterpart $AMD did.