Stoic-Trader

Stoic-Trader

I´m expecting a zig-zag correction in XOM, and if waves A & B are over, we could have a downward movement that would take us below $50. Value area is in the high 40s, where I´ll look for a bullish reaction to enter a trade.

Stoic-Trader

Price action from Nov 2020 (A) seems anything but impulsive. Conditions for a running or expanded flat have been met @ 123.6% fibonacci level. We are currently testing strong support (also forming a Head and Shoulders pattern). I don´t believe we will go below 25 for an expanded flat, so I´ll look for bullishness in the 40´s, in a running flat.

Stoic-Trader Updated 

The 2-month triangle could be in its final wave (e). We don´t trade pure wave counts, so we´ll wait for some type of bullish price action (a decent break of the triangle) to get into a trade. Breaking of 39.52 invalidates this count.

Stoic-Trader

The bottom trendline of an ending diagonal has been broken, and we could have started a short-term correction. It´s still too early to call correction targets, but ideally I´d like to see a pullback to the mid-50s (fibonacci levels, beginning of the diagonal). After we see a clearer "signature" of the correction, I´ll post an update.

Stoic-Trader

Our primary wave count indicates $JNJ could still have room for some great upside, to find new highs above $200. The main target is the 1.618 extensions from waves 1-2, at $212.20. Below 150 would lead to a new wave count.

Stoic-Trader

This is our primary count at the moment. It is valid while 74.92 is not broken (in that case I´ll have to recount). 1st target is the 1.618 extension of BLACK waves 1-2 @ 130.54. I´m expecting an extended BLUE wave 5.

Stoic-Trader

We´ll be trading the downside from current levels, based on the conditions of a running flat being met. Our first target will bring the trade´s risk to zero. Second target is at a major support level.

Stoic-Trader

After a 50% pullback, BA seems ready to resume its climb to fresh short-term highs. Our first target for partial profit will bring the operation´s risk to zero if reached.

Stoic-Trader Updated 

We are working primarily with a bullish scenario, in which a running flat (A-B-C in blue) has been completed. One could also argue that Wave 5 is completed as and ending diagonal... but we are long-biased right now. Our entry point would be the conclusion of minor wave 1-2, and break above wave 1. The invalidation/stop loss level is shown on the cart as well.

Stoic-Trader

Looks like GME´s dust maybe won´t settle so soon (I really doubted that it would hold any price above 100). But, let´s not question the market, let´s trade it. Maybe I´ll take a quick trade after a bullish daily candle, or will wait for the triangle to be broken.

Stoic-Trader

A very nice rejection of the 76.90 area (50% retracement & strong support) gives us a nice opportunity to take LONG trades. 1st target is the retest of 78.00 resistance, 2nd target 9s 100% extension of waves A-B.

Stoic-Trader

The ups and downs that have been running since 2017 are giving us a clearer picture on a triangle formation. We´ll be only take SHORT trades unless 1.80 is broken, until at least a 100% extension of black waves A-B.

Stoic-Trader Updated 

All on the chart.

Stoic-Trader Updated 

Our primary scenario is that we are in correction mode, as shown on the chart. But, even in that case, short term price action should take us close to new highs. If this is an impulse, or a flat correction, or anything else, either way we will only trade long until QQQ reaches the 334 level. From that point on, we will let price action give us more clues.

Stoic-Trader

NIO is forming a triangle, and we´re waiting for it to be broken to give us a better idea of where price is heading. Bearish Argument: We had an extended downtrend wave was extended, and could still be on wave A of the retracement. Bullish Argument: 200 Day EMA is holding nicely at 50% retracement, and a short term double bottom was formed. A new analysis...

Stoic-Trader

My best guess is we´ll have a top in the low 4200s, based on: - the ending diagonal pattern that began in Nov 2020 - pretty well defined trading channel - 1.618 Fib extension. on sub waves A & B of wave 5 Only a break of the 3800s would make me consider a more bearish scenario.

Stoic-Trader Updated 

It´s all on the chart

Stoic-Trader

The pullback from the high 60s could still have some room to go, and we see current price action as an excellent short-term opportunity for a very good risk reward ratio trade. If the wave count show on the chart is valid, Wave 4 would not go past Wave 1, so we will test a trade with a very short stop loss (around 3% from current levels). Profit targets are...