chartmentors

chartmentors

A bearish scenario with a potential price target of 1500-1700 for S&P500. 1700 is the 50% retrace of the move from 2008 lows. 1700 is also the 200 monthly moving average and a major resistance from the years 2000 and 2007.

chartmentors

I maintain a bearish view on the market despite the most recent breakout. If my analysis is correct, 2974, the 78.6% retrace, will be the top of this move, then a sharp drop to low 2700s to complete the C wave, followed by a bounce and more lingering in low 2700 before a rapid drop to low 2000 to complete the E wave.

chartmentors

AMZN bounced from the 0.5 fib level today. Based on Elliot Wave analysis, AMZN could move to mid 1500 to complete wave 3 of the most recent bull run, pull back slightly and move higher to mid 1600 to complete wave 5 and meet a potential trendline resistance. If opening a bullish position, set stop at 1390.

chartmentors

AMZN gapped down today and is currently trading near the 0.78 fib extension (1492). We believe that the break of the 1500 psychological support level could be a potential dip buying opportunity. We have highlighted an inverse head and shoulder and a RSI bullish divergence on this chart. At current levels, AMZN is a good candidate for a short term bounce. However,...

chartmentors

NFLX had a bearish engulfing candle on Dec 7. Since then, we have seen a bounce attempt with rejection from the daily 12 EMA. If NFLX cannot break out of the current descending wedge, we will look for a potential retrace to the 0.618 fib level. The nearest daily support levels are 260.61 and 250. The next resistance levels are 284.21 and 298.72. We maintain a...