RS3175

RS3175

After forming a 1-2-3-4-5 Motive Wave, NFLX is forming an A-B-C Corrective Wave. Currently, NFLX is in C wave of this Corrective Wave. C wave retraces 100 percent of A wave of A-B-C Corrective Wave. In this C wave, waves 1 and 2 have formed and wave 3 is under formation. The spike after recent earnings is a short pull back in wave 3.

RS3175

Wave B of Corrective Wave A-B-C reached 50 percent retracement of Wave A. If not for the gap between 131 and 134, AMZN could have made 61.8 percent retracement. The gap is acting as a major resistance. Wave C of Corrective Wave A-B-C has begun. It may go down to 114 where there is support from the peak of 2 Feb 2023. This is also 100 percent retracement of Wave...

RS3175

Large Motive Wave beginning after a large A-B-C Corrective Wave. A wave of the large Corrective Wave was a leading diagonal, B a Zig-Zag and C an ending diagonal. Resistance at 160 (observe peak of Jan 2023).

RS3175

Strong resistance at 127. Large A-B-C Corrective Wave under progress. A wave was Zig-Zag. B wave was a triangle formation. C wave has started. The sharp uptrend is retest of the resistance at 127. COP will go down to at least 80, which is the 100 percent projection of Wave A.

RS3175

Weekly Chart of UAL UAL is currently in B Wave formation. It's a triangle of which three waves have completed and the fourth is in progress. The fourth wave may go a little lower, maybe upto 37 (There is support at this level. Also observe the white trendline) before starting the fifth wave of the triangle to complete the triangle. The fifth wave may go up to 50....

RS3175

AMZN is trying to fill the gap between 131 and 135. The gap has not been completely filled. When a gap is not filled in a downtrend, it is a sign of weakness. AMZN is also not able to break above 50 SMA, which is hovering in the area of the gap. When AMZN reached 123 on 28 September, it was testing 38.2% retracement of the 1-2-3-4-5 Motive Wave. This level was...

RS3175 Updated 

BLK has been forming an ascending triangle since August 2022. In Aug 2023, BLK broke the trend line of this triangle and is below 20/50/100/200 EMAs. Overall market is bearish. If the market trend continues till end August, BLK is likely to test support level near 640. The subsequent uptrend of BLK is likely to reach price target of 810 by mid-2024 and 900 by...

RS3175 Updated 

Daily Chart of TWLO TWLO is forming 4th corrective wave of downtrend Motive Wave 1-2-3-4-5. The 4th wave is a contracting triangle formation. 4th leg of this triangle is complete. The 5th leg is usually 61.8 percent retracement of 3rd leg. After formation of the 5th leg of the triangle, TWLO may commence a steep 5th impulse wave, ending below USD 10. See...

RS3175

Weekly Chart of ASML ASML is now in a major Corrective Wave. Waves A and B have been completed. Wave B was a complex WXYXZ wave where Z was a contracting triangle pattern. Wave C projection is between 100 to 123.6 percent of Wave A. Therefore, ASML may descend to 250 by next year or even lower.

RS3175

Daily chart of ORCL ORCL formed a large gap when it fell from a double top formation. It wasn't able to fill the gap in its first attempt. It couldn't pass the resistance level of 115 despite five attempts (14-20 Sept). After bouncing from 105 support level (this was the last peak in Dec 2021), ORCL is attempting to fill the large gap again. It will face stiff...

RS3175 Updated 

4 hour chart of SPX On 29 September this year, SPX unsuccessfully tried to break the resistance level of 4330. During the June and August downtrends, this is where SPX had found support and bounced back (lowest points on 26 June and 18 August). On 3 October, SPX lost another support at 4370. This is where SPX had consolidated in the first week of June this...

RS3175

Weekly chart of MNST 50 is a strong support level of MNST. This had acted as a strong resistance level, which MNST had tried to break in April, August, December 2021 and then again in July 2022. Finally, it had succeeded in its fifth attempt in November 2022. After a steep descent, MNST is getting support at the 50 level. MNST has lost support of 200 SMA. It is,...

RS3175

Weekly Chart of Spotify In the past 150-55 level has acted as a strong resistance level for Spotify (March, July, December 2019 and in April 2022). Spotify has unsuccessfully tried to cross this level in September this year. Spotify likely to go down to 140, if not more.

RS3175 Updated 

Price is on a breakout above a bullish flag and is now above 20/50/100/200 EMA. However, momentum is decreasing and RSI is nearly 70. Therefore, STNG may consolidate around 60 resistance level before surging up towards is 72 price target.

RS3175

PG formed a rising wedge. After a double top formation when also RSI divergence came in (yellow line on RSI chart), PG's downtrend began. PG has broken out of lower trend line of the rising wedge, which will now act as resistance. PG has gone down for six straight days. During downtrend, stocks usually fall for an average of five straight days. There is a...

RS3175

Weekly chart of UPS UPS in the third impulse wave of its Corrective Wave (red coloured wave). However, we are only half-way into the third impulse corrective wave. UPS had a support at 155 level, which it lost yesterday. UPS is below 50 and 200 SMAs. During the third impulse wave of the Motive Wave (green coloured wave), UPS made a large gap from 125 to...

RS3175

KO is now in the A-B-C Corrective Phase. Impulsive B wave can be a triangle, which was so in case of KO. KO has lost the support around 58 level. C corrective wave is usually inverse 161.8% of B wave, which is about 50 for KO.

RS3175

The 1-2-3-4-5 Impulse Wave (blue wave) formation on VRTX is nearly complete. We can see a rising wedge (white colour) after impulse wave 3. This is impulse wave 5, which can be in the form of a wedge. VRTX is consolidating at the top. It may make one last effort to reach the top, form a double top and then break down. Another way to confirm formation of impulse...