*disclaimer: Not financial advise. This is my personal trade plan only. I am not qualified or licensed to advise anyone on their specific positions or trades, I am giving my personal opinions only. Always consult a professional for investment related advice and do your due diligence*
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“Sell in May and go away”…?
Welcome to May everyone! Throughout April we saw $SPX rise over 5%, yet many growth names have struggled to recover from the Feb-March sell off. Historically the month of May has been troublesome for markets, but I’m finding it very hard to be bearish at the moment. Of course, as traders we must be on our toes and ready to flip positions at a moment’s notice, this is certainly no time to be complacent.
Heading into this week, my initial thoughts are bullish. I believe the downside is somewhat limited across the indices. Below are my $ES_F primary counts. It appears that a lower degree wave 4 has complete/is very close to completing and we should see (3) of ((5)) towards 4230 beginning shortly. In the most bearish scenario, a drop to around 4100 to complete a larger degree running or expanded flat wave ((4)) would provide an amazing buying opportunity.
Regardless of how it shapes up, there should be plenty of opportunity this week!
$ES_F 1H (View Full)
$ES_F 30m (View Full)
Take note of the bullish divergence on the 30m chart, paired with the breakout of the falling wedge.
$FUBO 30m (View Full)
Entry: $21.75 | Target: $19 | SL: $22.64
Last week we rode calls on the way up then caught puts for the move down. This week I am looking once again for a short opportunity. I will be watching for a corrective (B) wave into the $21.50-$22 range to enter short for a wave (C) down to $19. This B wave must be corrective in nature for the trade to be taken.
$MARA 2H (View Full)
Entry: $33 | Target: $59 | SL: $28.36
$MARA has completed a running flat for wave IV, and now an impulse for wave 1 of a lower degree. From here I am looking for a corrective wave ii towards $33 to enter long for a significant rally towards $60
$X 2H (View Full)
Entry: $22.25 | Target: $26 | SL: $21.42
I have been watching $X closely the last few weeks, but have yet to get my hands on a nice entry. I will continue waiting patiently for a dip into the $22.25 area. From there I will be long with targets of $26 for short term calls, and upper $30s for longer term swings.
$NIO 1H (View Full)
Entry: $36 | Target: $53 | SL: $34
$NIO formed what appears to be a 5 wave impulse downwards for wave A of a zig-zag. From here I expect another impulse for wave C to complete (2). This will be a great buying opportunity for the wave (3) move to $53.
$OPEN 2H (View Full)
Entry: $19 | Target: $29 | SL: $15.86
$OPEN saw a very impulse bounce from the April 21st low, and is now working its way down to $19 for wave (2). I will be looking to open a swing position at the .618 fib with a target of $29.
$GRWG 1H (View Full)
Entry: $43.50 | Target: $65 | SL: $41.40
Last but not least… $GRWG. This one looks ready to go. I see a nice expanded flat for wave (2) into the golden zone. As long as the swing low holds, $GRWG has the potential to make a strong move over the next 2 months.
Have a great week everyone!