28 Oct Weekly Elliott Wave Forecasts and Trading Ideas Report
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Weekly Stock Market and Trading Strategies Report Week of October 28th
Results and Notes: Moving in our favor!
All of our 3 open positions are moving in our favor at StockReversalsPremium.com service, as the market builds up strength in wave 3. The 3x ETF service on stocktwits also on fire as we are long TQQQ and LABU both moving up nicely. We will look to add more positions as the market continues to confirm strength here. We are hitting TQQQ ETF for 8.5% profits as of 10/28 early morning pricing and 7% on LABU as well!
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Short Term and Long Term Elliott Wave Views for the SP 500 Index
Short Term: Last week we talked about a minor 4 pullback and then a Wave 5 surge up likely, we got that surge late in the week. Now knocking on the doors of all time highs as we have been projecting. Also have a nice looking reverse head and shoulder pattern proving out as well.
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. After a series of 1’s and 2’s as noted last week, we are moving up and out of that triangle pattern we charted out as well. Market continues up in powerful wave 3 structure.
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 5 up to all time highs likely
Support area held last week and we are moving upwards as projected. Also a bullish reverse head and shoulder breaking out late in week.
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Market Notes and Indicator Charts:
- IWM ETF Chart still showing potential breakout ahead of ABC-x-ABC pattern- Chart Updated
- GOLD Chart updated, moved up after my 8 week correction pattern noted here last week
- TQQQ, LABU a few 3x ETF’s doing well in our 3x ETF service on Stockwits.
IWM Chart: Wave 7 of a sideways base completed this past week, could be 9 or 11 waves before done, but typically 7 waves once completed does give an index or sector a change to then break to the upside. Updated chart
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GOLD Chart: 8 week correction pointed out last week looks to have been right. Moving up now.
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Weekly ideas and tips on Swing Trading Success: Being patient and following discipline
Be patient and discriminate always. Stay in your zone and follow rules, when you start getting cute or cutting corners you will start to make mistakes. Then you get more sloppy trying to make up for them and fall off the trading tracks. We follow strict rules at SRP, sell 1/2 of a position when up 8% or more no questions asked. Enter into positions within a range, never buy an entire position on one trade, work your way in. Look for base patterns that are about to complete and break out, don’t be afraid to buy a strong pullback as the risk is getting wringed out. The list goes on, key being stay disciplined and focused, and don’t be afraid to pass on ideas and wait for one that jumps out at you.
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.
This past week we saw recent stocks on this list break out such as INMD, EDU, RLGY, and SEDG.
MTZ- CHART LINK
9 Week flat base, 3rd week in row on list, pulled back a bit this past week but still constructive. Taking advantage of move to 5g Networks. Installation of networking equipment, 5g installation and more.
ZUMZ- CHART LINK
8 week base near highs. 3rd week in a row on the list, could break out as Retail gets hot. Mens fashion retailer with operations in 50 states and Canada. Retail stocks can be tricky and volatile but a nice consolidation here. 2nd week in a row on the list.
STNE- CHART LINK
16 week corrective base pattern. Brazilian company providing financial tech solutions. Carving out right side of base pattern. 5th week in a row on our list as it consolidates, but was moving up late in the week this past week.
RLGY- CHART LINK
Lower interest rates helping home builders and in this case Real Estate Brokerage. Recent marketing alliance with Amazon may help. Bottoming base.
KL- CHART LINK
Back on the list as Gold stocks may tick up again. This leader is in an 18 week base pattern.
CPRT- CHART LINK
8 week base pattern near highs. Salvaged vehicle auction services.
BOOT- CHART LINK
Another retailer as they may heat up into holiday season. 3 week ascending base near 52 week highs within an overall flat base.
FSS- CHART LINK
7 week base near highs. Manufactures street cleaning equipment and more.
MSFT- CHART LINK
12 week flat base for Microsoft near highs, recent strong earnings report
SNBR- CHART LINK
7 month overall base but last 4 weeks ascending. Sleep Number mattress business, again a retail play heading into holiday season. Close to a breakout of 52 week highs as well.
CMPR- CHART LINK
7 Week flat base near highs, online provider of marketing products, business cards, flyers etc for small to mid size businesses.
Read up at TheMarketAnalysts.com for more details
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We are hitting TQQQ ETF for 8.5% profits as of 10/28 early morning pricing and 7% on LABU as well!
We are trading 3x ETF pairs in Bull or Bear movements based on my Elliott Wave analysis and more.
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Contact Dave with any questions (Dave@Themarketanalysts.com)