Social Media Strategy ($SOCL) – updated

08/14/2016 – as discussed below, we did appear to carve out a wave IV and the 15-16 level did hold.  now we have a set of targets appearing for the $SOCL media index.

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08/29/2014: social media is REAL, it makes a DIFFERENCE and it is developing business models that are changing the landscape.  I believe in this space …however, all that being said – I believe in PATTERNS more!  🙂  So, throughout 2014 I have been watching the $SOCL mutual fund. (please see: http://money.usnews.com/funds/etfs/small-cap-funds/global-x-social-media-index-fund/socl for more detailed information.  It’s not equally weighted but it does encompass a nice landscape of the social media space players.  As you can see from the charts below a well defined 5 waves up led to the correction into the middle of the year.  From there we have bounced nicely right into the zone of 20-21 which “should” offer resistance and another move down.  Here’s the rub … the 1,2,3,4,5 was excellent and warned, nicely, of a coming correction.  Please see this chart:

NOTE - going to call the last high a 3 and see this move ongoing taking out a new high

NOTE – going to call the last high a 3 and see this move ongoing taking out a new high

see the change …. ?  You know what … I’m going to start the count a little early and note that the recent high was 3 so, w/ the rampant bullishness of the equity market and that it can’t even correct 5 % I’m going to put a “new count” out there to make it go up to make a new high.  So, if we can get an intraday pattern to BUY why not give it a change.  will be watching …


 


 

04/28/2014: expect 14-15 to maybe be support but the 5 wave sequence is complete and I consider this space done for a while …My last post on SOCL is below.  Missed it by a buck:

https://bartscharts.com/2014/01/04/social-media/

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