Friday came a little too fast this week for me. Short week, and I’ve missed it. Monday can’t come soon enough.
Today the “carnage” that was the red of yesterday saw a bounce. Heatmaps today painted with green.
$AMD caught my eye first. Spotted it last night actually, looking through some option flows from the last few days.
$PAY is one that looks great. We’re at the .618 retracement on the daily. The chart forms a falling wedge showing some positive divergence. Additionally, the .618 level has held multiple times, and allow a level of support for form near the current price. After today, this almost looks to be forming a complicated inverse head and shoulders at the break of this wedge. POC @ in lower 18s.
$LPL had some heavy put action goin on. Checked it out on the weekly, and voila! A huge coil that’s taking shape. And though I’m zoomed pretty far out in the tweet, I’ve posted a chart below to show the revdown on the weekly
Looking closer at the same chart, you can see that we have a rev-down off the upper supply line of the wedge.
$FINL was also a nice find. Great look that’s holding support at the .618 level on the weekly. Could be a great long term play if we see it reverse and break to the upside. Positive divergence notable on the RSI and MACD.
Spotted an ascending triangle or coil look (however you want to see it) on the $BABA daily in the middle of a breakout from the cup and handle. Could be the next push higher into the completion target of the pattern.
Jumped in some $TSLA calls again today, but a little too early. Stopped out pretty quick. Will wait for a better opportunity. I like the name long term despite $180 targets and noise from the public. I agree that there’s a massive religious style cult following of shareholders that may never sell just bc of Musk. While I also agree Musk is a genius, and should voted leader of the human race, still… never marry a stock.
That being said, I like it once wave 4 is in and we begin the ascent to wave 5. Aside from the elliott wave play, into a possible wave 4 low, caught a yearly chart posted today by @Robintheblack showing a nice revup from year to year with this year being the breakout candle.
— Rob Smith (@RobInTheBlack) July 7, 2017
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