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Thanks. Positive divergence on MACD Histogram. Trend line from March 2020
low to today has multiple touches. Needs to hold this support. Hopeful but cautious.
TOanks for the chart. Oversold but where is the bottom?
SXOOF This one has an interesting set up with the 50/200 MA crossover.
If price can hold above the MA's it would be bullish.
There isn't a lot of volume yet, so I am looking to try and pick up a small amount around .31/.32 and look for a potential double at the .618
This is one for my long term investment portfolio where I aim to sell half at a double and take all of my initial investment out and just let the other half ride for the next 5-10 years.
Thanks for the heads up on dsgt.
Picked up some averaging down to around 13.
Check out EVTL.
Got in with first position this morning @ 9.57
Ilike the charts of this new spac here and will probably average down if I get oportunity.
Yes, gonna buy a small position down here.
Looks like you are almost to .12.
Merry Christmas to all and a successful New Year.
I'm in a small position
In DSGT. I don't know if it would be a good one.
Bought at 18 cents
I hope not just yet.
I need to have one more bounce for avxl.
Ive been seeing all these warnings from the Intel reporters for 2 months. We need to watch for the signs coming. Death of the queen.3 Gorges dam and bitcoin collapse. And war escalation.
Tom it appears you are getting your crash.
As far as WKHS, I hope to get in and get at least a double on my money and then sell half and hold the rest longer term.
My bad tom, I meant to say the EV sector and some of those stocks we had mentioned earlier.
I havent taken the time to learn and practice the day trading of the etf's like C has done. he's a good one to get some tips from. I am interested in some trading and then when I look for some,I just end up thinking that AVXL is probably as good to trade as any.
We've had some focus on Workhorse last year at this forum. Are you thinking of it as a trade or a long term hold?
Thanks Citrati. Happy Holidays
Yes, it has been a go-to ETF I scalp for over a year. It pairs with LABD nicely.
I also scalp NUGT and UVXY. These are my top options on a daily basis.
I use an hourly and Daily for establishing trend and a 5minute chart for trading. I use a 1 minute chart to when near 5minute support or resistance to help understand the fast action.
There are some stocks I look at as well. At my age I hate uncertainty, so go to cash almost every night. They can't catch me off guard when in cash and there is always a trade the next day.
Lots of intel and insights on telegram forums.
https://t.me/Whiplash347/66004
You ought to think of selling those on the internet as NFT's or whatever they call them. You could make a fortune.
I'm glad we have a similar dementia
Have a look at the S + P for fun.
S+P 500
I agree with your view, Citrati
Yes and no. I have been in protection mode for many months now. Actually, since the onset of Covid. Trading account is basically 95% cash at the end of every day after intraday scalping on select ETF's and Stocks. I think the big boys (crooks) have been in distribution mode for a long time to retail and newbies who are fully invested and in FOMO mode.
In my Lotto account where I continue to trade around free cores for profit I just follow the charts as well.
I am too old to get caught in a big nasty. Been there and don't likely have the time to recover as in previous recessions. There is no red, white and blue uncle sam anymore only uncle fraudster. Depending on the disaster who knows if the world can recover as it will most likely affect the whole world since it is now so inter-dependent and linked.
Maybe just my dementia talking, but so far I am satisfied with my results given my personal situation.
AVXL, that 20ma/50ma
looks like resistance to watch around 19.25 area.
Are you watching out for global black swan news these days? Evergrande collapse? china market shakey. ripple effect possible.
I'm a simple minded guy so I figure the downtrend continues until it doesn't.
200period rising and currently 17.46 could potentially halt the down move again.
Positive that the lower bands are curling up. Good chance that 16.40's-16.80's would make a bottom. Breaking below 16.25 would not be good and a strong sign of underlying weakness IMO.
Almost a 20/50 down cross now.
Worrisome black swan type events
are happening in the world.
Ive been warning about this one for a few months since the Intel insiders have alerted us to it. Also the 3 Gorges dam to collapse, Bitcoin to collapse. The Queen's death to be announced. stock market to crash ? internet takedown? 10 days of darkness?
https://www.express.co.uk/finance/city/1533944/global-economy-evergrande-defaults-debt-chinese-real-estate-companies
AVXL downwave
will it hold at the Fib support zone? and look like an upwave pattern to end the week? or will it fall to the bottom zone and look like a big Range Pattern.
big zig zags
My road map from 2 weeks ago was a good track pattern to watch.
Price climbed to the 20 dollar target area and finished.
AVXL finished at 20.20 target
The weekly lower bb needs to curl up so the bands keep squeezing. To do that price needs to get above the midline. Then midline can flatten, then turn up if it is going to be a strong up move. It takes all the short term ema's and midline making solid/strong up angles to launch and support a strong move.
The daily has substantial resistance in the 20-22 zone. That will most likely determine whether price can get to top of weekly bb and push it up. Then both bands will be angling up.
That is my view and opinion. Hope it is helpful. Tom's thinking/interpretation is pretty much the same as mine or vice versa on the near term key levels.
Green Trades.
Nice post Tom & I agree with some of the levels you are looking at...for me the downline might easily pop and stick, too...anything above 19.20+ should fuel a challenge to 21 where the triple prints there caused 2 selloffs to create the turtle soup reversal....I'm thinking the RSI might just pop 50+ and put it in gear...my 2 cents.
Although Linda Rashke was also a commodity trader, she's damn good....she gave a wonderful speech to CMT's at NY Security Assoc on the use of EMA's and Bollinger Bands (Bollinger Squeeze Pattern breakouts)....I look for these off and on.
She wrote a book called "Street Smarts" together with Larry Connors, nice pattern set ups.
What are your thoughts on the Bollinger band squeeze on the weekly?
Thanks fellows for your work. Good job.
2 good bounces in a row
will we get a 3rd one ?
I see your 4/8/13 are turning up. as price hits the track pattern targets, 19 today.but congestion overhead now from 19.00 thru 19.40, a major target waits at 19.30 area, for a 3 dollar rally. to complete 7 subwaves on my chart. its made 5 now. could get tired out right here. so we might sense the strength or weakness showing tomorrow to hold support (18.40 area) and bounce another dollar to the target 19.30 area or some variations of the track pattern. and there are targets above 19.30 area... 19.50/19.60/70 and 19.80 before it reaches 20. The 20.00-20.20 area is also a major target but its already made a decent bounce from the 16.25. I think we're pushing our bullish luck here to expect too much more climbing without a pullback. so the battle zone here at 18.50,may be looking at a drop to 17.50 or a surge to 19.50. we might get a better sense of it tomorrow.
In the support zone I hope to see the 17.50-18.00 area hold comfortably. and looking upward, I'm cautious to see resistance capping around 19.40-19.80 in this wave.Are there signals of exhaustion yet for this bounce? and the downward action of last week was pretty strong in my view. erasing the whole rally and making a lower LOW, this bounce could be a bearish capping zone at 19.00-20.00 area. I dont want to be greedy here. Might trim some trading shares in one more bounce.
I bought some at the 16.30 bottom. I could trim a little.
The selling was strong last week as it broke down the rally wave. why wouldnt the sellers attack it again at 19.00-20 area. I think they will.
decent bounce so far
I find this old pro to be very reliable and follows Lowry's quite well:
Walter Deemer
@WalterDeemer
According to http://wsj.com today was a 79.96% upside day. Lowry's uses another source so may have a different number tomorrow morning. If so am hoping
@mnkahn
will be able to post it
I agree, Citrati and I have noted the very strong On Bal Vol during this sharp downside reversal after 8 strong days was unusual and suggests but does not guarantee eventual stronger days ahead...I use quite a few things like support & resistance, trendlines and I really like exhaustion studies, too..and I saw Tom's post in reply to me on the AVXL board which was good to read. The problem I have always had with Elliott Wave Analysis is the revisions to counts which is very common, so I always liked Tony Caldaro's method more than Bob Prechter's (but he and crew are super strong market observers...
Tom DeMark's 8&9 day sequential set ups before completion at 13 is also helpful...but neither are perfect, but rather "tools"...too many tools and you wind up nuts....lol
Hope you and everyone here have a nice Christmas and great 2022.
Partial gap fill so far today for AVXL.
Sometimes the gap becomes support. Will this be the low or will it completely fill?
Great response. Yes, AVXL is tricksy. Has been for many years. It is the king of fake-outs. LOL
Takes a lot of effort to make some green while it is progressing toward approval.
Green Trades to you.
Peace, health and a joyful holiday season to you as well.
Citrati:
Thanks for your response and various charts, too! I have my own but I can't share them...as you probably noticed I did refer to the double bottom as a "potential"...so you're right it needs to be confirmed and I do see the ledge below the 17 level, too, but hope it holds up ok. Notice the last bottom (around 17) did confirm and had a successful "test" at a higher level pretty much where we traded today!!! I have not forgotten the gap either....lol
The downline (minor downtrendline) which broke was a fake out move and stopped at the prior spikes to 21 or so..for me, that is now the critical breakout level with a close there or higher...
Very tricky stock...good luck!
That 200day currently 17.26 needs to hold. If not, then the gap at 15.70-16.69 will be in play again.
Not saying a bounce is impossible but the down angled and negatively stacked ema's are worrisome as well as the the resistance congestion of of the 65ema plus 50 and 100day will make a lot likely cap to any bounce without news to drive price through. Also, since price is below both Kchannel and bb midlines that increases resistance since both are angled down.
Any double bottom will require confirmation. So far todays low is 17.17 with no set bottom.
Notice also the role the blue 8ema is currently playing as resistance to up price movement.
It is all about news in the short term for AVXL. No news, weak market fundamentals (any up move is only by a few stocks) increases the odds of filling the gap. All IMO only.
AVXL
Right on the 200 day...also, a person JC Parets, good technician, likes a pattern of a double bottom where the 2nd low goes below the 1st low.... that's a potential pattern now, don't know if it will work.
Whoa, thanks for the list. Might take me 5minutes to dd them all. LOL
Thank you.
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