FiboTrader1

FiboTrader1

SMCI has sold off aggressively in the last few weeks and I see that Wave 1 of larger 3 is complete. I'm expecting a hard wave 2 bounce next week to 627, then reject before filling the gap at 667. At that point I will be buying PUTS. PT1 627 PT2 667

FiboTrader1

SPY bounce hard upward this morning to complete minor wave 4. Wave 5 began 2 hours into cash session and completed wave (possibly wave 2), and we will begin wave 3 of 5 within the next day, I believe. Final target for Wave 5 is 497, then a larger wave 2 begins. Wave 2 PT is 540

FiboTrader1

SPY is coming to the end of an ABC correction in Wave 4, which will lead to final Wave 5 at or around 500. Look for a final few sessions of selling into the weekend, then we will get a larger Wave 2 (ABC) to fill the gaps that were created at 530 and 541.

FiboTrader1

META finished intermediate Wave 2 on Aug 1. We finished minor Wave 1 of Intermediate Wave 3 down and are in an ABC correction that will complete Minor Wave 2 today or tomorrow. Expect Minor Wave 3 of Intermediate Wave 3 soon which will have the bulk of the selling with potentially a gap down. PT 1 is 391

FiboTrader1 Updated 

Keeping this short and sweet. AMD hit the 1.618 Fib retracement perfectly and returned to fill the gap created this morning, but I still see more selling ahead in the tech sector. META is another one I'm looking at for a continuation down. PT is 108

FiboTrader1

NVDA's monthly chart is showing me that there is a lot of downside still left. I was hoping for one last run up to 125 at least, but todays high marked the end of wave 2 and wave 3 down is beginning. PT1 is 95, PT2 is 91

FiboTrader1

AMZN posted earnings this evening and has fallen close to the 1.618 fib retracement of 168. The lower monthly bollinger band shows support around 170, but that can change quickly if the entire market starts to ramp up selling. PT1 is 166, PT2 161

FiboTrader1

META jumped up to as high as 527 after earnings and quickly rejected resistance from April's highs. There are three things I am looking at with META stock. 1) the gap at 476 that will need to be filled and the gap at 392. 2) the fact that we could be in wave 3 down on the SPY which will cause a chain reaction throughout the market 3) The 1.618 Fibonacci...

FiboTrader1

On my AMD analysis I mentioned the Sahm Rule Recession Indicator, so tomorrow's unemployment rate could signal this indicator. I was thinking we'd fill the gap at 562, but based on further analysis, it appears that we are beginning wave 3 down and today's gap fill at 554 signaled the top of wave 2. This VIX is showing signs of a breakout to the upside with the...

FiboTrader1

AMD has fallen below support at 134, so more selling is coming. I got beat up on my AMD calls, but the beauty of options is you can quickly recover when you jump ship on your positions quickly and buy puts to offset your losses. It's important to find supports and resistances, so you can have an exit strategy if a trade does not go your way. It's also important to...

FiboTrader1 Updated 

Hi everyone, I hope you all took advantage of those calls on NASDAQ:NVDA , NYSE:CMG , and NASDAQ:AMD while away. I'm back from vacation and on CLOUD 9! There's nothing like escaping into the mountains for some R&R. As you can see, AMD hit the support target to the dollar and bounced off during afterhours due to a positive earnings report. RSI was predicting...

FiboTrader1

NFLX isn't collapsing off the double top formation, which leads me to believe it is in a cup and handle formation. If NFLX breaks above 697, price target is 747.

FiboTrader1 Updated 

NVDA has been selling off hard over the last week, but I see hope for the bulls over the coming weeks. NVDA is up in after hours strongly due to... well, you could say AMD. In reality, the market moves in waves and is actually not hard to see once the bull/bear blinders are taken off. This is what makes a successful trader: making money on the up and downside....

FiboTrader1

META is not showing anything to me at the moment (give it a day or two), but I thought I'd post this for one of my followers. META is banded in what is becoming a wedge pattern. If it breaks below $442, expect to see $414. If it stays in the wedge, expect to see $489 again and even higher. My prediction is that it does stay inside the wedge being that the gap from...

FiboTrader1

MSFT hit 395 in after hours during their earnings call, so safe to say that 390 zone is a very strong support. MSFT is now resting on another support (407), so that could be acting as resistance or support tomorrow. If MSFT falls below 404 tomorrow, expect a move to 390. If 404 holds, expect a move back to 430. Either way, there's a gap that was created, and as...

FiboTrader1 Updated 

GOOGL is showing oversold on the daily and is approaching the 2.618 FIB retracement. It does not have to hit it, but I added calls to my portfolio and will buy more if it continues to sell down to 165. I expect a reversal soon to fill the gap (or at least get close) at 181. PT1 is 175

FiboTrader1

AMD reports earning next Tuesday and is currently resting on a support zone from DEC/JAN. I am taking a small CALL position before earnings with the anticipation of a 175 gap fill and potential move to 184 in the next few weeks. If you follow this trade, I would recommend taking a small position, so it will not take out your account if it goes against you. Thanks...

FiboTrader1

ServiceNow is one stock I will be shorting aggressively, but that time is not now (pun intended). I see a possible PT of 933 in the coming weeks now that it's broken above $814 resistance.