03 Jun Weekly Elliott Wave Forecasts and Trading Ideas Report
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Weekly Trading Ideas and Elliott Wave Market Report
Elliott Wave Views- Investor Behavioral Patterns, Market Notes, Trading Strategies, and Stock Ideas!
Short Term and Long Term Elliott Wave Views for the SP 500 Index
Short Term: Wave 2 down from 2954 SP 500 Highs, 2715-2725 near term possible pivot bottom as projected on May 10th
Long Term: Wave 2 down followed by Wave 3 to all time highs
Long Term View: 3 plus year Monthly Chart : Wave 2 of 3
Short Term View: C wave down, Market nearing trading bottom!
Wave 2 pullback underway from 2957 highs off Dec 2018 Lows – C wave underway from recent 2890’s area B wave top.
Likely to see 2715-2725 for C of ABC correction, this is the same view and projection we presented on May 10th A down, B up to 2900 area, then C down as low as 2715
Percentage of NASDAQ Stocks above 50 day MA line plunging, now at 25%, Market low indicator
Small Caps testing March lows:
- Markets continue to work off sentiment and price extremes of late April
- Key pivots coming up on SP 500 2715-2725 and IWM ETF at 138-142
- Various oversold indicators now typical of a “Wave 2” price and sentiment bottom
- Tariff wars causing concern, Trump largely running for office?
- % of NASDAQ Stocks below 50 day MA line plunging, another bottoming indicator
- NASDAQ New Highs 48 New lows 192 on Friday
- Recession fears starting to emerge, Tariff issues are not helping.
Weekly ideas and tips on Swing Trading Success:
Review recent IPO’s as they often correct after an initial spike up, and then consolidate. That is often a good time to accumulate a position ahead of the next wave up.
Swing Trade Candidates:
Each week we 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.
Last week in a tough market we had SONM, an Post IPO Base play we had on our list, soared over 20%.
We have 10 names this week, 5 repeated from last week , 2 are SRP Open Positions.
PODD- CHART LINK
Develops Wireless handheld insulin infusion systems for people with insulin depending diabetes
YCBD – CHART LINK
The only CBD Pure Play listed on a US Exchange. Volatile stock, still thinly traded. However, catalysts up coming in June. Also a current SRP swing trade. Again volatile on the daily but looks good on 6-7 week base here.
GH – CHART LINK
A current SRP swing Trade, they just did a $71 secondary offering and after some volatility the stock was snapped up by institutions. Looks good for intermediate term breakout. Continues to hold up in C wave down of market.
SE – CHART LINK
Broke out of 12 week base a few weeks ago and SRP members made 17-20% gains, took profits at 30 plus from our 25.50 entry, now setting up for another move? We said last week needed some consolidation, low 28’s this past week.
UPLD- CHART LINK
6 week base near all time highs. Cloud based work enterprise work management software provider.
PAGS- CHART LINK
Breaking out of 10 week base and nearing all time highs. Provider of payment services in Latin America, Still looks good for our 2nd week in a row on the list. Broker out this past week then pulled back late in week.
RGEN- CHART LINK
Develops consumable products for Life Sciences industry. 6 week base near 52 week highs.
ACGL- CHART LINK
5 Weeks tight base near highs provider of insurance and mortgage reinsurance in USA and Europe.
PCTY- CHART LINK
Provider of Human Capital, Payroll processing software. 3 weeks tight base near highs.
ZM- CHART LINK
5 week volatile base POST IPO. Provides video conferencing services based in the cloud.
Read up at TheMarketAnalysts.com for more details
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Great morning SP 500 Futures trading guidance and alerts! We keep you on the right side of the market direction and trades. Tax Favorable treatment, simple reporting to IRS, eligible for IRA and Regular Accounts both!
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