10 Nov Weekly Elliott Wave Forecasts and Trading Ideas Report
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Weekly Stock Market and Trading Strategies Report Week of November 11th
Results and Notes:
Nice gains of late as Wave 3 up rolls along. We closed out MTZ for nice gains, sold 1/2 of WB for nice gains and are seeing it continue higher, alerted GH on Friday which is already up and you get the idea. We should be looking to add more positions this week.
4 straight winning 3x ETF trades and 20% off for my SRP Members on the New 3x ETF Trading service. It launched just recently on Stocktwits.com. $40 a month less 20% coupon or $32 monthly. We will solely trade 3x ETF Bull and Bear pairs as the market dictates. Read up at The3xetftrader.com Use the Subscribe tab to join off your desktop on Stocktwits and use code “Save20forever” verbatim to get 20% off for life.
Short Term and Long Term Elliott Wave Views for the SP 500 Index
Short Term: Surge up continues as we look for 3120-3150 near term for SP 500 on this wave 3 pattern. See chart below.
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…
Long Term View: Int 3 of Major 3 underway to over 3000 made up of 5 waves
Bullish pattern continues to prove itself, we have maintained our long term bullish view all during the recent few months of volatility.
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Short Term View: Wave 3 continues higher
Continuing higher from 2820 area in this overall Wave 3 up.
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Market Notes and Indicator Charts:
- Fear and Greed index is at 91 which is screaming high, typical of Wave 3 but something to watch
- Biotech continues a nice uptrend
- 3x ETF Bull trading also a boon as sectors are on the rise (TQQQ, LABU, TNA etc)
Fear and Greed running at nosebleed greed levels
Click to Enlarge
Weekly ideas and tips on Swing Trading Success: Taking those profits
The market giveth and also taketh away. If you don’t take your swing trade profits, there is a good chance the market will take them for you, or from you shall I say. We like to sell 1/2 at 8% gains on the way up to make sure we stay disciplined for example. That forces us to sell a stock when its going in our favor and not let that greed take over, yet we can still ride higher on the final 1/2. We are doing this now with WB for example having sold 1/2 at 52.50 area but now near 55 on the final 1/2 and still long. Make sure to take profits no matter the market cycle for the best long term success as a swing trader.
Swing Trade Candidates:
Each week we try to provide 5-15 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.
Last week INMD shot up 25% off this list again, rocketed big time post earnings. STNE we are long at SRP and still love the weekly base pattern.
CNST- CHART LINK
A spike move up on incredible scientific results. Developing cancer therapies that modulate abormal genes. Could base a bit and continue higher and re-test 46 high spike (31 area now)
CRSP- CHART LINK
18 week base, Crisper Therapeutics has potential to rocket higher on Efficacy/Safety results due out likely within 3-4 weeks.
JCOM- CHART LINK
5 week base near highs, on list last week, moving up, PE ratio only 14. Internet based fax, voicemail etc services provider.
PGNY- CHART LINK
A bit extended off recent IPO. Providers fertility and family building benefits for 1.4m members in US. Moved up again last week off this list, on the list again.
LTHM- CHART LINK
Lithium prices may have bottomed out and some of the stocks are moving. This one was spun out of a larger company last year and forming right side of upward moving base pattern for possible reversal of trend.
ITRI- CHART LINK
8 week base near highs. Pulled back a bit last week off of this list, still technically strong, Manufactures meters and automated meter reading software etc.
DYAI- CHART LINK
23 week base for C1 Protein Platform developer, with multiple partnerships in testing they could change the way biologics, vaccines, and drugs are produced. Quarterly conference call on the 13th this week could bring more news.
CG- CHART LINK
4 week ascending base near highs. Global alternative asset manager. 2nd week in a row on the list.
CMPR- CHART LINK
9 week base near highs. 2nd week in a row on the list. Provides online customized marketing products/services to small businesses, consumers.
Read up at TheMarketAnalysts.com for more details
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Contact Dave with any questions (Dave@Themarketanalysts.com)