17 Feb Weekly Elliott Wave Forecasts and Trading Ideas Report
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Weekly Stock Market and Trading Strategies Report Week of Feb 17th
- Updated Gold weekly chart
- Updated Biotech weekly chart
- Long term and Short term charts on SP 500 with Dave Banister Elliott Wave counts
- Notes on trading strategies
- Swing Trade updated list of ideas
Recent results and notes: Stock and ETF Swing Trading Results
We took final 1/2 gains of 14% on BLDP, also sold 1/2 our VBIV for 8-10% gains, and Sold 1/2 ZTO for 7-8% gains while alerting a new position on Friday as well.
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Short Term and Long Term Elliott Wave Views for the SP 500 Index
Short Term: As we said last week, targeting 3400 area initially for Wave 5 up from 3214 lows of 4 of Intermediate 3. This 5th and final wave targets 3395-3515 ranges, I will update my members daily.
Long Term: (Wave 3 of Intermediate 3 of Major 3).
- The long term Primary Wave 5 up from Feb 2016 lows continues
- Now in Major Wave 3 up from the 2345 lows of Major 2 in Dec 2018. This Major 3 has 5 intermediate waves, and we are in Intermediate 3 which is very bullish, but in the last stages of it, aka Wave 5 of Int 3.
- Intermediate 3 is made up of 5 full waves, we are working on the 5th wave overall, having completed the 3rd of 5 of 3, recently the 4th of 5 of 3, and now in 5 of 5 of 3 to complete the Int 3 move. See weekly chart.
Long Term View: Int 3 of Major 3 underway since 2728, 3400 minimal target to complete targeting 3395-3515 zones
Larger degree Wave 4 completed at my projected 3215 area on 1/31/2020. Now in Wave 5 of Int 3 up.
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Short Term View: Wave 4 bottoms at 3214, Wave 5 to 3400 plus underway
Wave 5 up of Int 3 underway from 3214 low. Projected that 3215 area well in advance and hit it spot on. Now looking for 3400 plus possible. 3395-3515 the zone we are monitoring.
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Market Notes and Indicator Charts:
Still working on overall Intermediate Wave 3 of Major Wave 3, this is called a 3rd of a 3rd and hence the powerful bull trend over last several months. Once this completes, we will have an Intermediate Wave 4 correction pattern which should last several weeks.
- BIOTECH looks poised to run again, see updated chart
- GOLD also looks bullish, see updated chart
- Long a few Bull 3x ETF’s in The3xETFTrader.com service on Stocktwits
- Futures service profiting from all the volatility as well trading E Mini SP 500 futures
XBI ETF (Biotech) could bust out of this 2 week consolidation:
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Gold looks poised to run up out of this base pattern:
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Weekly ideas and tips on Swing Trading Success: Patience can pay dividends quickly
Its sounds like an oxymoron, “Patience can pay dividends quickly” but what I mean is sometimes we enter a swing trade and normally I’m looking for action out of a pattern within a few days or a week at the max. However, once in awhile they just continue to consolidate in a range with no movement out of the area of entry, and also not stopping us out. How long do we hold? Recently we had this with ZTO which we held about 7-8 weeks, but stayed the course and then in a 1-2 week window it finally broke out and ran up for us. We ended up with a nice profit, but perhaps held it longer than expected. That said, the movement happened quickly. Often just when your average trader gives up on a position and sells, they take off within days. Learn to have some patience and trust your gut. In the case of SRP, I always check for fundamentals as a key requirement, this can keep us out of trouble in the event a position goes south at first or sideways for awhile. Many of our losers end up being winners as well. Be patient, do the homework, continue the research, but the biggest moves come in short time frames… you must be positioned to benefit.
Swing Trade Candidates: A list of ideas to consider for both SRP and SR members.
This is always a good place to start some research. Consider this another “Idea” lab for you as a trader. SRP members get actual alerts in real time on various positions, some may or may not come off this list.
This week as usual we have an updated list of some ideas for the intermediate window in addition to or in concert with open SRP positions and or possibly future trade alerts. Quite a few stocks are in uptrends, these are some that are consolidating or may break out.
INMD- CHART LINK
13 week post IPO base, on and off our list all the time. We sold this for nice gains two weeks ago at SRP for a trade, still looks good here if it holds up this base pattern. RF devices for minimally invasive procedures.
XP- CHART LINK
10 week overall Post IPO base. Brazilian company providing securities brokerage and other financial services.
FTAI- CHART LINK
10 week base near 52 week highs for leasing equipment provider in the transportation sector.
ONEW- CHART LINK
Recent IPO in the retail sector. Operates 63 stores selling new and used recreational boats.
DDOG- CHART LINK
Recent IPO in 3 week ascending base pattern. Provides SAAS monitoring platform for cloud applications
GOLD- CHART LINK
Barrick Gold, cup and handle overall 6 month plus base. If Gold breaks out this will go with it.
BMY- CHART LINK
10 week base near highs for Bristol Myers. Diversified Oncology, Immunoscience, Etc blue chip. 2nd week in row on list.
VBIV- CHART LINK
9 week base for Vaccine maker that recently completed Phase 3 successful trial results in early January for US, Canada, Europe. Could spur partnership or buyout ahead. Perceptive Advisors owns a 25% stake interestingly. Up a bit last week off this list, was higher before pulling back late in week.
BRBR- CHART LINK
Up 5% last week when it was on our list, leaving it on as it could break out of a now 13 week Post IPO base pattern. Develops and sells ready to drink protein drinks.
EVER- CHART LINK
Clearing house for insurance quotes etc. On and off our list of late. 2nd week in a row on list. Post IPO base near highs.
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