As I said in my last post, I think it very likely that the bottom is in. Just as with every other bottom or top though, you need confirmation before saying one way or the other. The first bit of confirming data you want to look for, is a clean 5-wave move higher followed by a 3-wave retrace forming a healthy 1-2. Right now, this doesn't look like a clean 5-wave...
As y'all know by now I don't change my primary very easily. I do at times, but more times than not I have found my initial gut feeling is right more than not. On the chart you can see my ALT count which suggests I am one degree off with my primary count and the bottom is in. We don't yet have a 5-wave move higher with a 3-wave retrace so I can't say for certain...
I had a follower ask me to post my hourly chart on AMD so I thought I would try to get it out real quick for those of you trading it. In order for wave iv to alternate with wave ii, it needs to be shallow and short. This is why I have my primary saying that iv is over, but it could verily easily fall slightly lower. If it does drop lower, it should be contained...
There's a lot to unpack in this post. We'll start with the obvious and that price raised much higher than I anticipated. Rather it be the announcement of dividends or something else I'm not sure. The price action we got before the earnings released appeared corrective in nature which pointed lower. Given the new action we've received I've spent a decent amount of...
Rivian's structure looks much like Tesla's. The difference between the two, I still feel Tesla is within a larger bull count, whereas I feel Rivian is within a larger corrective count. This makes me much stricter on the structure Tesla carves out vs Rivian. Rivian's next move higher will be that of an A wave which can appear as a 3 or 5 wave move. This can appear...
Last night I mentioned it appeared Tesla was in an ED. I then posted what I wanted to see it do if that was the optimal count. Well, today it did exactly as I said it would. This makes it very likely this price action is an ED being carved out to finish the c of (C) of ((2)). We have positive divergence on the larger time frames, but today we made a new low on the...
As always, I have been tracking an ALT count along with my primary. After the release / reaction to the earnings report, it makes my ALT much more likely than before. The main reason I say this is due to MACD. With the recent strength of the rise in price, it caused MACD to make a new high. It hasn't breached the previous high MACD made during wave III, but it did...
Today confirmed my ALT count which suggested we needed another low to finish out this move down. When I started looking at it tonight, after analyzing Tesla and Rivian, I spotted what I believe to be an ED that just finished. If this is the case, then that means we made a bottom today in Coinbase! We're in the target box, hit the 1.236 (common end point for...
Not really much new data as we have been chopping around this same are for over a week now. Starting at the 25 Jan low, we made a VERY sloppy 5 wave move higher. This seems more likely an abc move higher for the wave 4 that I called for. Since the 30 Jan high, we have been chopping lower in corrective structure. This makes me think we could very well be in an ED....
As the title suggests, I wanted to zoom out and give everyone a clearer picture of the larger count. Clearly by the price action we're seeing, structure is still in its wave ((3)). Wave (2) & (4) appear to have alternation, which is very important in a healthy impulsive count. Looking at the daily MACD, it appears to be curling up for the start of this wave (5),...
AMD has been on a tear for a while now. This recent little retrace we had I am counting as wave iv of 3 of (3). In the wave iii of 3 of (3), price went from $93.12 all the way to $184.92 in 3 months. That is the strength of 3's when they get stacked like they were. To say this thing is extended is an understatement. I anticipate us to raise to the $190's before...
Apple looks as if it has topped in the ABC pattern as predicted. There is the possibility this is an impulsive move higher. If that were the case, then my ALT (turquoise) would be the ideal count. MACD never made a new high, and it dropped very hard and fast for a wave 4. These reasons help to re-enforce my thoughts this has been corrective. Next I want to see us...
As you can see from the chart, we just barely poked above my target box / the 1.618 extension which is a very common endpoint for an ABC pattern. Another thing that gives me confidence we are in fact in a corrective pattern, MACD made its high during the A wave you see on the left side of the chart. If this was impulsive, we should have made a new high on MACD by...
The strength Rivian has been showing as of late is promising. However, price still appears corrective. Also, we still didn't breach the prior high the MACD made on 22 Jan. Price has been overlapping and didn't breach the 23 Jan high. These mentions I make of MACD / price aren't required yet with this count but are signals Rivian will most likely move lower before...
Today was choppy yet again. Does that strike you as something you would see in an impulsive motive wave? If you answered yes, then you should go back and study the difference between corrective & impulsive patterns. Not saying LDs are impossible...but in a wave 3? That just isn't something I'm ready to get behind. Not to mention we still don't have positive...
In my last post I stated, "The next primary line of resistance is the 1.618 extension @ $489.95. I expect some type of reaction there regardless of the strength it shows". When we hit that fib, we got some choppy price action but ultimately were able to push through it. The next line of resistance we look towards is the 1.786 @ $501.99. This would fare well with...
Not spending a lot of time on this post as I have been very clear on my expectations with Coinbase. Looking at the 3min MACD, the choppiness of price action, and the structure that has been carved out since the 19 Jan low my ALT seems ideal. So, from here I expect us to drop to the yellow box before lifting off. There is a slim possibility the bottom has already...
In my comment last night, I stated "we shouldn't breach the 0.5 retracement @ $195.74". Well, we just barely breached that and hit $196.35 before dropping hard. People can say it was due to the judge striking down Elon's payment package, but why would that hurt the stock? That literally saved/made it to where Elon wasn't given $55 billion dollars of free Tesla...