More from @PrintingProfit

Justin Kunz (P.P.)

@PrintingProfit

28 Oct

The basic rules of Elliott Wave Theory ARE NOT hard to learn.

However, like anything it does take time.

Within this thread I will cover the basic rules of Elliott Wave Analysis.📖

Back in the 1930's, Ralph Nelson Elliott developed EWT to describe recognizable patterns within movement in price.

Elliott identified that price tends to move in recurring "wave" patterns.

These waves can be identified in stock price movements and in consumer behavior.

The Complete Cycle:

The recognizable pattern that Elliott had identified was that price cycles move in a total of eight waves.

This cycle is broken down into two separate phases:
1. The five-wave motive phase
2. The three-wave corrective phase

Let me explain these phases...

Read 14 tweets

Justin Kunz (P.P.)

@PrintingProfit

28 Oct

My thoughts, analysis, and updates all throughout the trading day.

All in one place for your convenience. 👇

With our trading today it will be best to keep a close eye on the indices.

Yesterday's close wasn't looking too hot, though now recovering in pre-market.

Should the indices start to fail I likely will not be looking to take any longs but more-short positions for day trades.

$AAPL very nice move this morning back through its psychological level of 150.

Lets see if we can maintain over our previous swing high here for upside continuation.

Read 8 tweets

Justin Kunz (P.P.)

@PrintingProfit

27 Oct

$SPY potential short-term consolidation coming after our incredible bullish run this month.

Rejection off of confluent points of resistance, seeing a break of short-term trend into close.

Here is my updated analysis as promised...
(Read full thread 👇🧵)

$SPY over the course of the month has seen a strong rally off of its swing low.

I believe this to be a lower degree wave 3, as wave 3's tend to be the strongest out of the three impulse waves and filled with the most Euphoria.

(2/4)

Off of today's close, we are seeing a break of our short-term trend support. Pulling back out of confluent resistance.

This resistance includes a zone between our 1.618 and 2.00 fibonacci extension levels. It also includes the back-test of our previous trend support.

(3/4)

Read 4 tweets

Justin Kunz (P.P.)

@PrintingProfit

26 Oct

I believe that $SOFI may be getting ready for a breakout to $25 in the near future.

It has moved nicely since Morgan Stanley initiated coverage of $SOFI with an Overweight rating and $25 PT back on the 11th.

Lets break this down... Elliot Wave style 🌊

(Read Thread 👇🧵)

Following the completion of its lower degree (sub-micro) wave 1, $SOFI had a run-up to its trend / Fibonacci resistance in confluence with its coverage initiation.

Our swing high at 21.78 is what I am viewing as our lower degree wave 3 top.

(2/5)

This rejection and followed pullback off of our wave 3 Fibonacci targets / trend resistance helps provide confirmation that we currently are in a lower degree wave 4.

Within this wave 4 watch for continued chop and consolidation to the marked downside targets.

(3/5)

Read 5 tweets