16 Sep Weekly Elliott Wave Forecasts and Trading Ideas Report
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Weekly Stock Market and Trading Strategies Report Week of September 16th
Results and Notes: Market continues in Bull Mode- 3x ETF Swing service starts this week!!
Wave 3 up continues and getting close to all time highs as projected. We have gone from extreme fear readings a few weeks ago to greed. Wave 3 of 3 is very powerful indeed. We had a huge 16% move up in FNKO this past week and took 9%+ gains on 1/2 and it continued higher. XXXX (Members only) close to breaking out and we have others consolidating nicely. Should add a few positions this coming week.
The new 3x ETF Trading service launches this week (Monday) on Stocktwits.com. $40 a month. We will trade 3x ETF Bull and Bear pairs as the market dictates. Read up at The3xetftrader.com
Short Term and Long Term Elliott Wave Views for the SP 500 Index
Short Term: Wave 3 up underway from the ABC-x-ABC Wave 2 lows recently. Should attack all time highs, pullback likely due soon.
Long Term: (Wave 3 of Intermediate 3 of Major 3). The long term Primary Wave 5 up from Feb 2016 lows continues, we are in Major Wave 3 up from the 2345 lows of Major 2 in Dec 2018. All time highs ahead.
Long Term View: Int 3 of Major 3 underway to over 3000 made up of 5 waves
3rd of a 3rd continues higher as projected. All time highs ahead.
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Short Term View: Wave 3 up
As projected, breaking out of the Wave 2 lows of August and moving up in month 21 breakout cycle and powerful 3rd wave up.
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The 20 month cycle I wrote about 3 weeks ago is playing out as we break to the upside.
Market Notes and Indicator Charts:
- CNN Fear gauge reverts to Greed readings (See chart below)
- Small caps will play catch up and already are
- Add Beta to your plans
The CNN Fear Gauge I wrote about 3 weeks ago was one of the market bottoming indicators, we have now gone from 2019 extreme fear reading of 19 (100 is the highest greed reading) to 68 now, back in Greed mode. This all makes since as we are in a 3rd of a 3rd of a 3rd wave higher in my Elliott Wave views, and this is the most powerful of sentiment waves. Look for continuing upside with pauses along the way.
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Weekly ideas and tips on Swing Trading Success: Being patient and Trading Tips
You do not always have to put on a trade, often doing nothing is the best move. Many traders over trade if you will, they are constantly chasing their tails and can end the entire year with losses due to over activity. Take your time, wait for opportunities to arrive and then pounce… not the other way around.
Here are a few tips for success:
- Keep your mind clear, remove stocks from your watch list that you sold or took a loss on.
- Do not look back, you can’t change the past and as a trader you have to live in the present.
- Wait for the set up, if it’s not there do not force it.
- Be discriminate, combine fundamentals with technicals for best results.
- You will sell winners early all the time, don’t dwell on it.
- You will take losses and then see that same stock shoot higher later, again that is part of the trading game. Let it go.
- Take breaks frequently from trading, re-charge those batteries.
Swing Trade Candidates:
SMPL, SOLY, and PRVB from last week all continue to set up on weekly outlooks and still look great for breakouts. We are already long SMPL and 1/2 SOLY. This week some fresh ideas.
Each week we try to 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. Some weeks we pick none from the list, but gives us some stock to watch as action unfolds. Some of these names are already SRP Open positions.
DOCU- CHART LINK
Post IPO rally after months of low end consolidation. Provides online e-signature platform for documents and more.
IOTS- CHART LINK
Has been on the list in recent weeks, still looking strong to break out of high end consolidation. Breaking out of 5 week ascending base consolidation. Provides chips for internet of things platform
ESTC- CHART LINK
Also has been on this list off and on lately. Looks finally ready to break out of 7 month range like we saw with FNKO this past week for SRP Members. Data search platform that extends to multiple industries.
Read up at TheMarketAnalysts.com for more details
The3xetftrader.com now launching with service hosted on Stocktwits.com. Launching on 9/16/19 this week! E-mail me for a 20% off coupon code. Dave@themarketanalysts.com
The 3x ETF Trader, a service hosted on Stocktwits.com with a 20% discount for SRP members, trading 3x ETF pairs in Bull or Bear movements.
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E-Mini Future Trading Service -Hosted on Stocktwits.com… Just closed a 45 point win this past week in just over 24 hours. $2,250 profit on a $6,000 contract!
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Contact Dave with any questions (Dave@Themarketanalysts.com)