TraderBwater

TraderBwater

NASDAQ:MSTR on daily shows price below moving averages which are expanding downwards. 4 Hour chart shows the pivot needs to be erased with more drop. The upcoming earnings on Wednesday is likely the trigger to drop.

TraderBwater

SMCI has bottomed here after undercutting the previous congestion zone and reversed quickly up with a capitulation candle on the daily after an exhaustion gap. The last leg was a fast and truncated Y leg (0.618 of W) in the WXY correction, and has erased all RSI divergences. The drop may seem deep but is only under 0.318 of the whole rally from...

TraderBwater

DJT ended the 3-wave correction ahead of the election and resumes to rally as RSI picks up.

TraderBwater

Aug 5 was an important low for tech stocks and many stocks in the market, as shown in the weekly RSI that the drop has corrected the whole rally from 2022. Since then, MSFT has been going sideways in an ascending channel in two sets of 1-2 waves as shown in the 4 hour chart. This is typical for accumulation or basing before price acceleration in wave 3. Great...

TraderBwater

ARKK has been building a base with two sets of 1-2, 1-2 waves, which erased RSI divergence of the previous pivot. On the weekly it is also wrapping around the 50 MA in an ascending channel. Last week's momentum signals it is most likely to launch to break out of the channel.

TraderBwater

I believe NYSE:NKE is at a generational buy opportunity, because the drop has now erased all the lows of all times and is the most oversold in the quarterly chart. Weekly chart shows the last pivot has also been erased and is at the buy zone. Price action-wise, selling has also stalled and is creating a hammer on the weekly. Further drop, if there is, will be minimal.

TraderBwater

NYSE:DELL in Monthly finished May with a big red candle on high volume below the channel. The May top combined with a huge drop with bearish RSI divergence on the weekly increases the possibility that it was a climax top and the 5-wave rally from Oct 2022 has finished. The gap left on the monthly is another clue that the last run to the May top was an...

TraderBwater

NASDAQ:NVDA on weekly produced a bearish evening star candle, which coincides with bearish RSI divergence on the weekly and also 5 waves complete from Oct 2023. More downside is expected, as seen in 1 hour chart where the first 3-wave (wxy) drop in the last week of May had RSI divergence which needs to be erased in a double correction. Likely drop to at least...

TraderBwater

Monthly chart shows AMEX:FM was in a 17-year long WXY correction which bounced strongly at the 0.618 fib (common for a truncated last wave for long-term correction). The Daily shows that it has been nesting to the upside and is very close to breaking above the previous pivot. Once it breaks above, we can confirm that the correction has ended. Looking at...

TraderBwater

How we close the end of this week is decisive. Is this just the relief rally like what we had in Sept 6, 2023 which only bottomed on Oct 26, 2023. Do you see any difference between these two rallies? NASDAQ:QQQ

TraderBwater

The recent drop stopped and found support at the 50 MA. It seems market makers will not sell the dollar yet. Too much equity grab on the upside.

TraderBwater

There is a high chance that NYSE:BABA (and other Chinese stocks) has not bottomed and will make a new low, because 1) the rally so far has been 3 waves (zigzag), 2) RSI divergence of the lows on daily need to be erased, 3) recent rally got rejected at 200MA If the drop breaks below 77, I'm quite sure a new low will happen NASDAQ:JD NASDAQ:BIDU AMEX:FXI TVC:HSI

TraderBwater

The last top failed to take over the previous top in RSI. Stochastic has already turned negative with the ongoing drop. One more leg down is needed to finish the entire correction. Downside target is the 60 area.

TraderBwater

Like many commodities, Copper had an extended 5th leg with a blow-off top with very strong momentum before dumping to correct the rally from Feb lows. Coincides with TVC:DXY which needs more upside.

TraderBwater Updated 

NIO has rallied hard (like NASDAQ:TSLA ) reacting off the weekly order block and has arrived at an area of strong resistance. Even though it has broken out of the red declining trendline in the daily chart, it doesn't mean that it has made the ultimate bottom. It can make another connector ("the right shoulder"?) and keep extending to the downside for another...

TraderBwater Updated 

Weekly shows that the wxy correction has erased all RSI divergence and price also stops at the weekly "order block". A high chance that we will reverse from here. Daily shows that the last leg is likely finished with 5 waves in a C wave. A break above the red declining line will increase the odds that the bottom is in. Very likely as it coincides with the...

TraderBwater

The huge gap up post-earnings on Friday is near the finals of the rally from Jan 2023 in the weekly chart. A closer look at the 4-hour chart with the help of stochastic and RSI shows that one more high is needed early next week (Apr 29 - May 3) to establish a medium-term top before a sizeable drop will begin. I believe the earnings gap will be filled in the...

TraderBwater Updated 

TSLA is not out of the woods yet. The weekly chart shows that the RSI of the Jan 2023 low needs to be taken out with one more low to complete the large WXY structure... at least down to the 110 (?) area. The strong bounce over the past couple of days is a relief bounce to correct the Dec 2023 down cycle. The bounce may reach 0.5 retracement of that cycle,...