16 Jun Weekly Elliott Wave Forecasts and Trading Ideas Report
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Weekly Stock Market and Trading Strategies Report Week of June 17th
Short Term and Long Term Elliott Wave Views for the SP 500 Index
Short Term: ABC Wave 2 down completed at 2728, Wave 1 of 5 of 3 up underway to 2911 highs so far. Likely Wave 2 pullback so far shallow to 2868 from 2911 highs. Bull Flag forming near term?
Long Term: Major Wave 3 to all time highs underway to 3,000 plus
Long Term View: 3 plus year Monthly Chart : Wave 3 of 3
We now see the SP 500 in Wave 3 up of Major 3, this should take us to all time highs ahead.
Short Term View: Wave 2 correction from 2910 area highs, so far minor
May have peaked in Wave 1 of 3 of 5 up at 2910 area, pullback to 2868 meets very shallow Wave 2 requirements, but normally a bit further drop to 2840 area would be expected. Near term a Bullish 5 day triangle may be forming, we would watch 2880 for key support, otherwise a visit to 2840 area likely.
- Market in a 5 day base pattern, the pullback on SP 500 to 2868 is pretty shallow so far
- Biotech index still not showing bullish movement yet, so we are standing aside 3x ETF wise etc as it bases
- Riding 1/2 size positions in 3 of our swing trades after taking gains, new trade alerted Thursday
- IWM ETF (Small Caps) also in a 5 day base, may be trying to form bullish inverse head and shoulder pattern
Click to Enlarge
Weekly ideas and tips on Swing Trading Success: Selling 1/2 and holding 1/2
Consider selling 1/2 of a Swing Trade position when you are up 8% or more and holding 1/2 and moving your stop up. We deploy this strategy for our members at StockReversalsPremium.com on all positions. This enforces discipline on yourself and protects profits while allowing you to try to grab more gains on the final 1/2 of a position. It also helps keep your emotions out of the equation which results in better long term success.
This past week at SRP we sold our final 1/2 of GH for 22% gains near 92 after selling 1/2 near 83 for 9-11% gains on the way up.
Swing Trade Candidates:
Each week we provide 8-15 Swing Trade ideas to consider as part of our SRP service. We often pick a few from the list during the week as actual alerts and or names from our other research that are not on this list.
We have 10 names this week, some repeated and some new. If stock breaks out off our list we usually do not repeat it the next week, as we look for fresh ideas.
NEO- CHART LINK
7 week base pattern near highs, 2nd time on list in last 3 weeks. Lab Testing services provider.
ETSY- CHART LINK
16 week corrective base for this DIY online machine, allows consumers to buy and sell handmade goods. Over $68 looks bullish.
PRVB- CHART LINK
Biotech that announced stunning Phase 2 results in a 9 years study of Type 1 Diabetes on June 9th. 4 day consolidation triangle pattern could break large to the upside in coming weeks. Over $12.40 is bullish.
ESNT- CHART LINK
2nd time on list in last 3 weeks, offers Private Mortgage Insurance in all 50 states, with re-financings on the rise this is in an uptrend and could break out of this 7 week base near highs.
KL- CHART LINK
Leading Canadian based company in the mining and exploration for Gold etc. 16 week base breakout, as Gold rips higher in new Bull Cycle.
SE – CHART LINK
Nice 4 week base, we re-entered this at SRP late in the week for another trade. We booked 17-20% gains several weeks ago on a prior swing.
UPLD- CHART LINK
8 week base near all time highs, 3rd straight week on this list. Shot up early in the week 8-9% and then pulled back. Cloud based work enterprise work management software provider. Looks poised to break out , 3rd week on the list.
PLNT- CHART LINK
9 Week base and breakout last week, this is the 2nd week in a row on the list. Essentially a Real Estate Trust we called it back then, disguised as a Gym.
LPLA- CHART LINK
7 week base near highs, 2nd week in row on list. Brokerage advisory services provider.
CZZ- CHART LINK
2nd week in row on list, 13 week base now near highs. Provides laboratory testing services. Close to breakout.
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