RS3175

RS3175

Gap resistance at 25600. Hitting resistance line from October 2023. Sharp rising wedge formation. RSI divergence, especially in hourly chart. Gap at 20400 hasn't been filled. I expect NIFTY to go down all the way to 20000.

RS3175 Updated 

SPX Daily Chart SPX has made two island reversals and gapped up. There are two resistances near 5500 and 5700. Some short pull backs in this region. Thereafter, a rally up to the earlier high of 6200.

RS3175 Updated 

NVDA is forming a downward wedge pattern. It is now hugging the green support line from January 2023. At around 97, it will fill the gap formed after May 2024 earnings. The region around 100 is .618 Fib retracement area. 95 is a huge support. The green circle is the sweet spot of all these confluences. Around next earnings, NVDA will come out of the...

RS3175

Daily Chart of MA MA was consolidating for four months since April. In end-July, MA tried to break off this consolidation with a big gap after earnings. However, the overall weak market brought it down. After filling the gap on 5 August, MA made another attempt to break off the consolidation. On 15 Aug, MA made a continuation gap to break above the...

RS3175

Daily Chart of NFLX 620 is the confluence of two major channels. This is also a major resistance area for NFLX. NFLX blockbuster seems to be coming to an end.

RS3175

GM Daily Chart Although GM formed a double top, it is showing signs of strength at a support level (green bar). If GM goes up in the beginning of next week, it will go up to 40. GM is close to the upper trendline of the channel. However, it will likely make a fakeout up to 40, where there is resistance from the gap. This will happen around the time GM's...

RS3175

Daily Chart of TSLA TSLA has been trading in a downward channel since July 2023. TSLA is now at a support level (green) of 210 from where it should bounce to the resistance level (red) of 240. This is when it will also hit the upper trend line of the channel. When TSLA hits 240, it will also be the time when SPX hits all time high of 4820 before moving downward.

RS3175

MSFT Daily Chart MSFT is holding a strong support level around 385. In the last two trading days (11 & 2 Jan 2024), it did not break this support level. MSFT went up from the lower trendline of its channel around 367. This is when the 5th wave of the impulsive wave started. MSFT will continue to rise sharply in the 5th wave and peak around 410. When MSFT...

RS3175 Updated 

After a large 1-2-3-4-5 Motive Wave and a large Corrective Wave A-B-C, TSLA is forming a new Motive Wave. The third wave of the new Motive Wave has begun. The new Wave will have at least 100 percent projection ie. it will reach at least 500. Waves within the first impulse wave of the new Motive Wave are marked below: There is a possibility that corrective...

RS3175

Daily Chart of AON AON going up on increasing volume. At an important support level. Formed a bullish flag. To go up to 145 which is the next resistance level.

RS3175

Daily Chart of AZN AZN bounced from an important support level. Waves 1 and 2 are complete. Wave 2 ended with a long pin bar. This means that the support level is strong. Volume has also picked up. AZN to go up to 75.

RS3175

Neckline of H&S pattern was broken. JNJ formed a 1-2-3-4-5 Motive Wave after the neckline was broken. Corrective Wave being formed now. A wave is over. B wave to form this week. C wave may go up to the upper resistance level. Thereafter, JNJ to begin a long downtrend.

RS3175

Weekly Chart of ADBE ADBE has bounced from an important support level (green band). Corrective Wave 4 is forming. ADBE will go down to 530 next week (starting 6 Nov) to complete Wave 4. Thereafter, there will be a sharp Wave 5 going up to the resistance level (red band).

RS3175 Updated 

Here's what SPX looks like according to my Elliott Wave Theory analysis. The end of Wave C of Corrective Wave A-B-C is 100 percent projection level of Wave A. This is also where there is support. Wave C can go up to 123.6 percent projection level. Details of Waves A and B: And this is what Wave C may look like (currently, Wave 1 - a leading diagonal - of...

RS3175

Weekly Charts of CSCO A-B-C Corrective Wave formation after 1-2-3-4-5 Motive Wave is complete. The Corrective Wave reached 78.6 percent retracement of the Motive Wave. After completion of the Corrective Wave, CSCO made a large gap down on 21 September. Subsequently, it made two unsuccessful efforts to fill the gap. CSCO is now testing a resistance level and...

RS3175

64 is an important support level for MU. This has acted as a resistance level during the peaks of Nov 2022 and Jan, Apr and May 2023. Most recently, MU had tested this level in end Sept and bounced from it. MU is also in a symmetrical triangle formation. A bullish harami formed on 27 October. MU should go up to at least 72 where there is another resistance level.

RS3175

Weekly Chart of Visa. Visa has had a very long and steep run from 2008 to 2021. The Corrective Wave looks like a 3-3-5 regular flat correction, where the B wave retraced more than 90 percent of A wave. Currently, C wave is forming. Wave 1 of C wave has formed and wave 2 of C will retrace further, maybe even up to 78.6 percent of wave 1. There is support from...

RS3175 Updated 

Points supporting bearish reversal of NVDA: Motive Wave (1-2-3-4-5) formation on NVDA is complete. RSI Divergence is clear. Double top formation. Resistance turned support line (red line) likely to be broken during C wave reversal after completion of B wave (Corrective Wave A-B-C). Wave A is complete. The large gap waiting to be filled during Corrective...