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Well, last week we didn’t quite get the explosion I had hoped for…but it’s coming soon. There are several key names all showing the same 1,2-1,2 pattern, which is very bullish. I expect this week to be very strong! Let’s get right to it….
$ES_F & $NQ_F
$NQ_F and $ES_F both look to be finishing up ending diagonals for leg c of wave (ii) of 3. This means wave (iii) of 3, generally one of the most bullish waves, is up next. Looking at the 15m charts, $NQ_F appears to have bottomed out already as it has completed the full ‘abc’ structure. $ES_F may also be done with its correction, but I do see a possibility that $ES_F makes one more low around 3610 as $NQ_F retraces for a sub-wave 2. In either case I think we see some extremely bullish momentum this week, taking us to 3750 $ES_F and 12,600 $NQ_F.
$AMZN
Make or break here for $AMZN. We could see 3400+ by Christmas but it MUST hold above 3020 or we’re likely in for some heavy bearish action. Take note of the count on $AMZN… look familiar? It is the exact same 1,2-1,2 set up that $ES_F and $NQ_F are showing… you’ll be seeing this pattern quite a bit in this update, and it is one of the main reasons I am so bullish. All the major names are setting up for a synchronized move up.
$DKNG
$DKNG looks to be starting wave (iii) of 5. If it opens flat on Monday I will be getting in asap. We should see $60 in short order. Invalid below $45.74
$FSR
I took an entry on $FSR on Friday after it finally hit the buy target I gave 2 weeks ago. I’m looking for a gap up or early momentum to kick off wave (3)
$NFLX
$NFLX appears to be in the same 1,2-1,2 pattern as many market leaders after putting in a leading diagonal for wave (i) and a zig zag wave (ii). I will be looking to enter on a pullback. Invalid below $492
$PYPL
Wave iii of (v) looks to be starting. I will look to enter on a small pullback if it presents itself. Invalidation is $206.63
$MSFT
Notice the pattern? Another 1,2-1,2 set up in a major tech name… Look for an explosion this week from $MSFT. I already have a position open, but if I didn’t I would be looking to enter on the first pullback. Invalidation at $208.
$NIO
$NIO looks just about ready to go. If it can hold above $38.46 I’d expect to see $57 by the end of the year.
$SPCE
I’m looking for $SPCE to retrace down towards $26-$28 before getting back in. From there, it should start a move back up targeting roughly 45 by late January. A trade may also be found playing a bounce off of $28.30.
I am very excited for the week, an I’m hoping we finally see that explosion that’s been setting up! I wish you all the best and hope everyone has an awesome week of trading!
If you’re interested in live updates, Q&A and more detailed set ups check out my new trading group! Remember, don’t force any trades, let the set ups come to you! If the set up does not develop, don’t chase… That is a sure fire way to lose money. There will always be another set up right around the corner!