Advanced Micro Devices

AMD has been on a TEAR since 2015.

from a wave perspective believe we have a little higher to go for a target of 60-64 and if that is taken out then 77-80. the math of the current high (59.35) is working out so this could be it also … from a wave perspective the current high is 1.618 and exactly 1.732 of wave 3 … I’m labeling this current move as the final waves of 5. a move higher into the shown target zone should do it for now …

AMD should have topped or a little higher for a big target/potential top.

the Crude Oil Complex

charts suggest a near term low in place for crude and a bounce (a bounce only) to be expected …

note the correlation of Crude, OSX, Loonie vs USD, Crude/Gold Ratio

note the largest and consistent percentage decline is exactly hitting …. 77.46%

Loonie Double Bottom with Crude at percentage decline (?)

if this chart moves up then so does Crude …
topping …?

DBA – a target finally hit …

long term BUY targets being hit on the commodity ETF DBA

the first target zone we have been watching for a LONG time was hit on the DBA ETF last week. note, we also have other targets in the 12.70′ ish area but, as far as long term targets being hit – DBA has hit them. a low risk BUY in today’s climate.

note, when looking at the composition of the DBA ETF, discovered that the largest holding at 14% is CLTL or an inverse bond fund. Interesting … other than that we have the typical coffee, soybean, corn, sugar, cocoa, wheat, cattle and hogs … not that much volume but if your not a futures player then this is an opportunity to get a broad basket of commodities in your portfolio.

NFLX

I have done another 4-5 charts on NFLX w/ varying counts and corrections – the problem (and this is what sucks about Elliott) is they all “might” be right … but, they are CORRECTIONS in an ongoing BULL market so I’m going to just leave this stair step chart up and then leave the rest of the charts off the blog for now … believe we won’t miss out (FOMO) but we need another week or so to see where this puppy is going …

COST Costco

$COST is strong but might have run out of ‘time’ but as long as we keep above the LOG trend lines then the band plays on …

some significant relative strength shown by COST and, relatively speaking, guess people need their TP and bulk during the COVID. who knows …hard to get an accurate projection because it really hasn’t done a big correction – ever- to do a projection. some stuff to consider … 1/ it certainly looks like its going or gone parabolic. did a quick 3rd grade geometry trick and took 3 points to create a circle … COST has honored it, thus far so we can see that the high came right in ‘time’ of the arc. that could spell weakness in the coming days/weeks. 2/from the all time low in 1987 we have a very well defined LOG trend line and it’s NEVER been taken out so as along as we stay (weekly / monthly close above) those two read trend lines then the band should play on ….3/ the ratio of COST/NYA is showing the strength and we do see some resistance now and ahead …

note: I honestly never try to “curve fit” anything, I just picked the three points to create the arc and just did it … the fact that it appears price and time are holding to the arc doesn’t surprise me as I have 1000’s of hours on the charts and sometimes just see it .. looks like a fit, so let’s just go w/ it ok?

this stock, COST, is one of the more bullish sets of charts I’ve seen out there ….

BIDU

expanded flat correction ID’d. suggests some more up and down into the lower BUY zone in the coming days weeks

couple years ago ID’d a 5 wave sequence that was completing and then the triangle (which now appears to have been part of the ongoing correction in the B-wave) and now see this entire move since “5” ended as an expanded flat correction where “B” goes above “A” and then “C” takes a big old plunge … if (the big IF) my count is correct in ID’ing and expanded flat correction, then it looks like we have a little more up and downs before we go lower into the buy zone. right now, it’s a pretty big BUY zone w/ almost 20 points between the low and the high portion of the zone. will tighten the range once we have another week or so action …

here’s the blog post from a couple years ago: https://bartscharts.com/2017/02/14/bidu-follow-up-2132017/

Gold / Oil :update 04/10/20

little higher for a very important target on the ratio of Gold/Oil

04/10/20 – our target level hit and, if you look closely below, you’ll see 5 waves down .. followed by 3 waves up into a “perfect” SELL PATTERN for the ratio. IF this pattern works (the big if) then expect Crude to strengthen against gold and, perhaps, keep the oil rally going for a little while longer.

one of my readers asked me a question on Gold/Oil ratio. below I have charted SPOT gold / futures oil (continuous contract) – wow, pretty amazing move … take a look at the 1.618 projection target a little higher. that ‘should’ (operative word) cause some resistance. additionally, if we keep this parabolic rise in the ratio then the 12 level on oil doesn’t seem to far fetched, does it? thanks again Ray for the ping … great question and observation. that’s what I see .. hope it helps. Bart