MJ – Alternative Harvest
Posted on April 13, 2021 1 Comment
explosive move upward, 3 drives to a bottom into the .618 retracement and now the AB=CD. taking a crack at LONG MJ in/ around here or the entire 20 price zone and wrong below the low of 19.51.
not a bad risk/reward
EURGBP update
Posted on April 8, 2021 Leave a Comment
last EURGBP post: https://atomic-temporary-44460632.wpcomstaging.com/2021/04/01/eurgbp-2/
at this point, to protect a position, if you have one open, move stop to entry level at .8475.
you can see the “polarity” principle in play where the support in the spring of last year is now acting as resistance in the spring of this year …. hmmmm.
anyhoo … I’m looking for an initial target to take some off in/around 8850.
note the 38.2 and 50% retracements, largest measured move correction (dashed red line) and he polarity principle again but this time highlighted by a darker/bolder red. why? this level held as support for MONTHS and when it finally gave away, it gave away big …
note, depending on the form of the correction (if it even stops here) I might be looking to add on a pullback into the 8550-8600 area.
Uber Update
Posted on April 7, 2021 Leave a Comment
last post on UBER: https://atomic-temporary-44460632.wpcomstaging.com/2020/12/02/uber/
taking a look back at Uber we have reached the objective discussed a couple months ago ” in the low 60’s”
note the SAT trend line .. yes, that is SATURN HELIOCENTRIC. Nice little band it’s been banging into from a support and resistance perspective … certainly looks “toppy” and one could easily draw “another” H+S formation from the beginning of 2021 and most recently … key neckline as shown below.
taking profit and cutting and running
UNG/Natural Gas Update again …
Posted on April 6, 2021 Leave a Comment
last post on Natural Gas: https://atomic-temporary-44460632.wpcomstaging.com/2021/03/14/ung-nat-gas-update/
I’ve had a couple people text me over the past couple days regarding Natural Gas and UNG.
well, right now UNG is definitely a dog and I went a little red today but I’m going to stay w/ this one because 1/ this is a LONG TERM play and 2/ I’ve been watching a SUPERB BUY pattern on the Natural Gas futures as shown below.
certainly looks like it wants to go down and tag that level … I’ll hold LONG UNG until that level is tagged. it DOES NOT need to go down there but it’s a valid pattern BUY ….until that level is taken out to the downside on a daily/weekly close I’ll remain my bullish outlook on Natural Gas.
will I add to my position w/in UNG if it goes down and tags that level … NOPE. as a pattern recognition investor/trader I have been taught to never add to a losing position. so, I’ll WAIT for it to become positive before ever thinking of adding anything and if it blows thru the BUY PATTERN to the downside then I’ll take a loss. that loss NEVER exceeds 3% of the total trading capital.
IWM is that REALLY it …?
Posted on April 2, 2021 3 Comments
last post on IWM: https://atomic-temporary-44460632.wpcomstaging.com/2021/02/21/iwm-is-that-it/
I also blogged about KEY SUPPORT in/around 224-225. that was the FIRST PATTERN BUY in this long term uptrend. is that uptrend still alive?
if you go back to the last post mentioned above, you can see a very clear 5 wave move that, and this is important, BREAKS NO RULES of the Elliott Wave Theory. It’s a valid count …
now, is the count correct? we don’t know ….but we can find out rather soon as we have an almost perfect SELL PATTERN in/around the 225-227 level.
now for the IF and THEN
IF the top around 235 is a valid end to a 5th wave THEN this SELL PATTERN shown below SHOULD work.
a valid target will be 198-200 or below ….
have a GREAT EASTER to everyone if this is what you celebrate .. what an amazing time of the year and a time to be alive.
salute – Bart
EURGBP
Posted on April 1, 2021 1 Comment
for us currency traders out there … this is a good one.
here’s to probability …
CSCO follow up and important level …
Posted on March 28, 2021 1 Comment
last post on CSCO: https://atomic-temporary-44460632.wpcomstaging.com/2016/03/14/go-ahead-and-hate-csco-appears-ready-to-breakout-and-outperform/ was 5 years ago. crazy how time flies.
checking in on CSCO we are at a VERY important point as CSCO is showing the completion of a near perfect SELL SIGNAL but due to thrust, if the pattern works, would wait for a signal reversal candle below 50.
if the pattern fails then, it’s quite possible that we have begun the parabolic leg up the opposite side of the mirror image foldback. it sure has tome thrust fueling its rise so this pattern is REALLY important for the Bulls/Bears.
also, one last, if you take your AB as the all time low to the all time high and then project .618 that length from 8 dollars you smack right into the last high in/around 58.
the 50’s … appear really important for CSCO
tomorrow is either a “gap and gone” higher or a “big stiff wall of resistance” for any further advance ….
Bart
Disney … 5’s all around
Posted on March 26, 2021 Leave a Comment
Well … here’s $DIS on a long term Monthly.
sure looks like 5 waves are complete or completing to me .. note the bearish divergence on the RSI.
pull the plug …
Bart's Charts 