25 Nov Weekly Elliott Wave Forecasts and Trading Ideas Report
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Weekly Stock Market and Trading Strategies Report Week of November 25th
Recent results and notes:
We continue to bank profits on our swing trades during this powerful “Wave 3” up in the markets as projected. Our most recent results and we have several positions open in good standing.
We will look to add more alerts this week for our SRP Members.
11/22- Sold 1/2 STNE for 10% Gains
11/20- Sold 1/2 FLGT for 10-12% Gains
11/14- Sold Final 1/2 GH For 11-12% Gains
11/13- Sold final 1/2 WB for 5-7% Loss
11/12- Sold 1/2 GH for 8% gains
11/8- Sold Final 1/2 MTZ for 8% Gains
11/5- Sold 1/2 MTZ for 9-10% Gains
11/4- Sold 1/2 WB for 8-9% Gains
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Short Term and Long Term Elliott Wave Views for the SP 500 Index
Short Term: Two weekends ago I said look for 3120-3150 and we hit high in that range so far before the recent pullback last week. Potential to 3180-3220 over next several weeks. The recent pullback was relatively shallow so for now still seeing this as a wave 3 up, no 4 yet if you will.
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. We continue up in Intermediate Wave 3 of Major Wave 3 of Primary 5… see updated chart
Long Term View: Int 3 of Major 3 underway to over 3200 likely
Bullish pattern continues to prove itself, we have maintained our long term bullish view all during the recent few months of volatility.
Click to Enlarge
Short Term View: Wave 3 continues higher
Continuing higher from 2820/2855 area in this overall Wave 3 up. 3180-3220 possible on this leg. We hit the 3120-3150 zone I projected two weeks ago, so we will see if this can stretch higher before a 4th wave pullback of sorts.
Click to Enlarge
Market Notes and Indicator Charts:
- Fear and Greed index has pulled back to 69 from a 91 reading two weekends ago when I said we need to consolidate gains and work off the optimism a bit
- Biotech continues a nice uptrend leading the market sectors overall of late
- Market consolidating recent gains, typical in the week or so after options expire
Weekly ideas and tips on Swing Trading Success: Follow discipline always
During big uptrends like we have been in, it’s easy to start thinking you are above the market if you will. Stay in your lane, continue to follow profit taking and stop loss disciplines always. At SRP we always sell 1/2 on any position when we are up 8% or more, and then move the stop up on the final 1/2 of the trade until we either take profits on our own via my alert or we stop out for final gains.
Swing Trade Candidates: A list of ideas to consider
Last week STNE and EVER popped big off this list.
STNE was also an SRP official swing trade alert. We saw a 20% pop on the earnings results on Friday alone as shorts were forced to cover. This week we have an updated list of some ideas for the intermediate window. We issue official alerts to SRP members via Text and Email and Post and they may or may not come off this list.
Updated 11/24/19- 5 new names and several repeated
INCY- CHART LINK
Forming right side upward channel move to challenge 52 week highs. Small molecule drugs for cancer and inflammatory diseases
JPM- CHART LINK
3 weeks tight base near highs for JP Morgan Bank
JCOM- CHART LINK
3 week corrective pattern. Internet, Fax, Voice calling and other online services provider.
CDLX- CHART LINK
2 weeks tight base near highs. This was on our list a few weeks back and then it exploded upwards. Now resting but the fundamentals remain strong. Develops intelligent consumer data to help marketers match with buyers.
DT- CHART LINK
Recent IPO, forming right side of base. Develops software intelligence platform for I.T. customers
KL- CHART LINK
16 Week base for this Gold Exploration and Production leader. If Gold holds the 1450 area and starts trending back up this could break out of this base.
CZZ- CHART LINK
4 weeks tight base near highs, on our list a few times of late. Brazilian provider of Gasoline, and various fuels to service stations
MOMO- CHART LINK
3 weeks corrective pattern pattern near 52 week highs. Chinese provider of mobile based social networking platform, growing rapidly at reasonable PE ratio
QIWI- CHART LINK
6 week consolidation after correction. Online payments provider in Russia with reasonable PE ratio
RDFN- CHART LINK
3 weeks tight base after 6 months consolidation and pop up out of base. Residential real estate database and brokerage services provider
SNBR- CHART LINK
6 weeks tight base not far from 52 week highs. Reasonable PE ratio. 579 Retail stores offering sleep number bedding.
TJX- CHART LINK
7 week base near highs. Operates 4,300 retail stores for off price apparel etc (TJ Maxx, Marshals etc). Retail stocks have been hot.
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