VelvetHammersTrading

VelvetHammersTrading Updated  May 15, 2024

I've heard other pundits that the rise off the lows, the 1,2, 1, 2 was all a wave 1 and the most recent significant pullback was a wave 4. While possible, with the bullish momentum of late, seemingly we're in a wave 3 with some bullishness left in the tank. People indicate market over-valuation but due to the narrowness of market breadth, it seems perhaps only...

VelvetHammersTrading Oct 19, 2019

Not an expert wave counter by any means but can't make anymore sense out of price action then some sort of textbook impulse wave up from January 2019 into some type of flat pattern. I keep thinking triangle of some sort but not sold on that. It also doesn't appear to be an ending diagonal nor in the A position as a leading unless I'm missing a bigger picture. Well...

VelvetHammersTrading Oct 2, 2019

While not an Elliott guru looks like a nice abc down into a solid support area. Fib fan along with fibs and a trend line indicate might be a good buy low location. The triangle represents multiple layers of support, a wall of sorts. ROKUs business model isn't broken. People like their stuff and I think they'll have a strong following despite aapl, disney, etc.

VelvetHammersTrading Sep 16, 2019

While I'm no Elliott wave guru by any means... makes sense to me. US indices have similar chart patterns i.e. abc type patterns.

VelvetHammersTrading Jun 6, 2019

after a nice double bottom on the daily chart and a move higher, jd pulling back into the .5 fib and the daily 200 as a strong support. nice place to go long with a nice risk to reward. #buythelow

VelvetHammersTrading May 24, 2018

This is a textbook symmetrical triangle on WM. If indicative of symmetrical triangles, WM should continue its underlying bullish trend.

VelvetHammersTrading May 10, 2018

Symmetrical triangles more times than not break out to continue a previous trend, in this case bullish. Thoughts on how it might look in the days, weeks ahead.

VelvetHammersTrading May 4, 2018

This is the IVOO ETF, but looks very similar to SPY. The question is which way does it break. For reference ("gee that looks almost... wow that's like identical") Check it. stockcharts.com

VelvetHammersTrading Updated  Apr 28, 2018

One can easily there's a triangle pattern forming on SPY, it's on the DIA too... but regardless, there's the 200 SMA holding up price and we're neatly tucked between the 20 and 50 SMAs. The daily and weekly stochastics are turning up so price moving back up into the 270 area wouldn't be surprising. It's just what does it do from there. If its a triangle pattern,...

VelvetHammersTrading Apr 28, 2018

Other than the messiness of 2015 and 2016 the 50 EMA on the weekly has been a clear indicator of market support. While people will say that we've been in a bull market for 8-9 years they often forget that protracted sideways move with significant breaches of the weekly MAs. Well we're bouncing off the 50 again or at least it seems but will it hold. I think its...

VelvetHammersTrading Apr 28, 2018

Facebook gapped up over significant resistance but right into the daily 200. Today, we saw a retest of the 200 SMA. Nature (and the markets) abhor a void, and with stochastics turning up on both the daily and weekly charts, there a good chance FB fills the gap up to 185. Either way the pullback into the 200 made for a nice entry on a 15 minute chart and a...

VelvetHammersTrading Updated  Mar 29, 2018

Beautiful example of old resistance new support. NFLX bouncing off the 50 EMA | an old support at the $280 price range | and a fib, all good.

VelvetHammersTrading Mar 29, 2018

Nice consolidation triangle on BABA. Nice to see the longer term MAs coming in to hold up the pattern.

VelvetHammersTrading Feb 1, 2015

Falling wedge on GLD with Stochastics approaching overbought suggests one more pivot down to "E" followed by a longer term breakout to the bullish side.