UnknownUnicorn182749

UnknownUnicorn182749 Updated 

This 180m chart of INTC looks to be carving out an ending diagonal. Bullish momentum is slowing as the stock grinds higher in the rising wedge formation. These patterns often end with one final push through the top of the channel (referred to as "throw over") before reversing lower. Initiating a small short position at 55.50 with a plan to add to the trade...

UnknownUnicorn182749

This daily chart of FL shows a sharp move off the high followed by a retracement back into Fibonacci resistance. I am counting the rally as an ABC correction, nearing completion right at the 61.8% retracement level. Initiating a short position at 58.90 with a profit target below 40. A move above 70 invalidates the setup.

UnknownUnicorn182749 Updated 

This 15m chart shows what I believe to be the beginning of a larger move lower in XOM. From the high of the previous corrective rally (see previous post of 180m chart), it looks like the stock is an extended Wave 3. I expect price to make a new low, followed by a bounce in larger degree Wave 4, and then a subsequent push lower in Wave 5. Initiating a short...

UnknownUnicorn182749

This daily chart of USDMXN shows price action since the currency pair broke multi-year trendline support in March 2017. The initial move off the highs looks impulsive, with a simple ABC correction nearing completion into Fibonacci resistance. Initiating a long-term short position at 20.35 with a profit target at 17.50. A move above 22.00 invalidates the setup....

UnknownUnicorn182749

This weekly chart of DIS is a textbook Elliott Wave impulse. Wave 2 was a sharp correction. Wave 4 is an ongoing triangle. Not for short-term trading, but it's a good buy and hold candidate for an eventual break higher in Wave 5. Initiating a long position at 103. Set profit target at 120 and forget about it.

UnknownUnicorn182749

This daily chart of AMP shows an ongoing impulsive move higher. Looking for the end of Wave 4 before a move back to the highs in Wave 5. I've highlighted the Elliott Wave principle of "alternation" on the chart, which says that the two corrective waves of an impulsive sequence often alternate in form (i.e., sharp vs. sideways, simple vs. complex). With AMP, Wave 2...

UnknownUnicorn182749

This 60m chart of SPYG is almost identical to the chart of QQQ I posted earlier today. SPYG, or SPY Growth stocks, have been driving the recent move higher in the S&P, with SPYV (Value stocks) lagging the move. I'm counting what appears to be a five wave move nearing completion after breaking out of triangle consolidation. Looking for the index to form a near-term...

UnknownUnicorn182749 Updated 

This 30m chart of ADBE shows a nice 5 wave impulse higher with alternation between the corrective waves. It's possible that we're now seeing an ending diagonal in wave 5. Initiating a short position at 239 with an immediate profit target of 229, and an extension even lower. A move above the most recent high invalidates the setup. Trying to pick the top, so this is...

UnknownUnicorn182749 Updated 

The daily chart of DHR looks to be in the final stages of a Wave-4 triangle. Alternation between Wave-2 and Wave-4 of the impulsive move is a good sign. This means Wave-2 was a deep, zig-zag correction compared to a shallow, sideways correction in Wave-4. A topside break of the triangle should lead to higher prices in Wave-5. Initiating a long position with an...

UnknownUnicorn182749 Updated 

Here is my outlook for APH over the next month. The stock looks to be in the third wave of an impulsive move higher. Initiating a long/neutral position for a move into the 161.8% Fibonacci extension of Wave 1, followed by larger degree Waves 4 and 5. Immediate profit target at 90 with the potential to add to the position in the Wave 4 pullback. A move below 86...

UnknownUnicorn182749

This 60m chart is a follow-up to my long-term post on QQQ. The index looks to completing a five wave move higher from its triangle breakout. Alternation between waves 2 and 4 of the move increase confidence in the wave count. With RSI starting to show divergence, there is an opportunity to get short for a corrective move lower. Initiating a short position at...

UnknownUnicorn182749

This 120m chart of QQQ shows the index breaking out of a triangle and moving higher in the first wave of larger degree Wave 5. My longterm view is for higher prices in QQQ, but I think we are nearing a short-term top that presents a trading opportunity. See follow-up chart for trade details.

UnknownUnicorn182749 Updated 

The daily chart of KSS shows continued sideways consolidation in a Wave-4 triangle. It is a clean impulsive sequence, with a simple zig-zag correction in Wave-2 and an extended Wave-3. Alternation between the corrective waves strengthens the conviction in the setup. A break of the triangle should take price higher toward 70, although it's difficult to predict when...

UnknownUnicorn182749

This 180m chart of XOM shows a nice ABC corrective rally into the 61.8% Fibonacci retracement level. The stock looks to have rolled over and is threatening to break trendline support. Will post a follow-up with a specific trade plan on a shorter timeframe chart.

UnknownUnicorn182749

This 30m chart of FCX shows the stock pin-balling between Fibonacci retracement levels since its drop at the end of April. Look at how well the 38.2%, 50%, and 61.8% levels have acted as short-term resistance/support. I'm counting the rally as an WXY correction into the 61.8% retracement level. Initiating a short position at 17.50 for a move lower.

UnknownUnicorn182749 Updated 

Short-term trade on MCK. The 15m chart shows a clean 5-wave decline from 160 to 142.50, with nice alternation between Wave-2 and Wave-4. A 3-wave correction back into the 50% retracement level offers a good short opportunity. Initiating a short position with an immediate target at 142.50. A move above 157.50 invalidates the setup.

UnknownUnicorn182749

This 60m chart of RE looks like a textbook Elliott Wave impulse lower. The deep, zig-zag correction in Wave 2 is followed by an extended Wave 3, with clear sub-division into five smaller waves. I believe the stock is now in a sideways Wave 4 correction which should resolve lower over the next month. Initiating a short position with an immediate target at 220. I...

UnknownUnicorn182749

The daily chart of AMGN looks to have broken lower out of an ending diagonal. Initiating a short position with profit targets at 155 and 140. A move above 195 invalidates the setup.