SFIX has been an absolute beast ....... nearly hit a high of $35 today after an analyst upgrade (their target was $38). There was quite a bit of supply today and I'm wondering if I perhaps did my PnF target wrong. Anyone care to chime in?
I get a target of $30 - $35.50 using a 0.50 box counting from LPS at $24 back to the column plotting the drop from $25.50 -$20.50... that's 23 columns
textbook reaccumulation!... previous cause used up and target nearly met ($93-$102)... new target gives a 40% upside... plus a perfect entry off the axis... finger will be hovering over the buy button tomorrow!
I think I've been drawing my charts wrong - confusing springs and LPS. However, wouldn't the LPS actually be up there at 26-27?
I wouldn't count $27 as an LPS because its outside the trading range... $24 looks more obvious on the point & figure chart than it does in the sticks
I believe you are both right. The back-up to the creek is either a test of a minor creek (generally in the range) or a major creek (top of range) and is a potential LPS. An LPS should show lack of supply and narrowing range. If after an SOS a potential LPS shows high volume and large spread it can negate the SOS and the price will likely remain in the range. This did have a somewhat threatening potential LPS but it got tested with lack of supply. Nice chart: Another possible count:
Thanks OP. That's the reason I chose that 27 area because it's the lowest sell volume seen at the creek. It signaled to me that sellers were finally out of supply. If there was more supply remaining - then clearly it would've broken the creek's support. At the moment I feel like the options MM's are messing with this thing since there was a big run on July 31.00 calls last month. At one point they were up well over 400% or more, but a lot of the time the price is pinned to wherever the most open interest is in order let the most contracts expire worthless.
Well so far @Jrich is right on with the call on the SFIX top. They have absolutely ravaged it since hitting 35.50.
Yellow flag...the yield curve is nearly flat. 3M: 2.00% 2Y: 2.67% 5Y: 2.84% 7Y: 2.92% 10Y: 2.96% 20Y: 3.03% 30Y: 3.09% https://stockcharts.com/freecharts/yieldcurve.php Snapshot of Aug 2, 2000 (inverted curve) and today July 27, 2018 (normal but flattening).
Checked in to see what Tom O'Brien is talking about. I used to listen to him going back to the early 2000s. He was always bearish, so now he is in his glory I suppose. But it seems he's always had a bearish bias. He claims to use Wyckoff principals but his biggest mistake, was/is assuming markets can't go up on small volume. But it is still fun to listen to him. https://www.tfnn.com/watch2.php
@Jrich I'm actually kind of shocked they're running it before earnings. I figured they would hold it up until then.
Short interest is down to 47% now (was 52% last month).. Looks like some covering, nice forecast for the er
just checked this out a little... dude is a character!... looks like he does a live feed every night on youtube
Yeah Tom's been doing it everyday for years and he's actually mellowed. He used to have some really interesting tech-guru guests like Joe Granville and the market-astrology guru, Arch Crawford. Last I heard Arch lives down the road from Larry Pesavento in Tucson, AZ. I have a couple of Larry's books. He is a pattern guy, best known for his work with the Gartley pattern. Larry used to be a guest but since about 5 to 10 years ago he has a regular show on TFNN. Basil Chapman does interesting technical stuff and he also has a regular daily spot. But Tom O'Brien is definitely the most compelling character. But newbs beware, Tom comes across so confident even when he is dead wrong. To his credit though, he is way better than the mechanical technicians out there. All the various shows are recorded and available any time.
Cons Staples aren't usually the most exciting stocks on a watchlist.. But im liking this chart.. And apparently the three biggest competitors (K, GIS, and PEP) have weed killer in their cereal or somthin crazy the $99 handle would be an ok entry, a 10% stop would be right at the $89 previous supply line
@Jrich @Onepoint272 Thoughts on NVTA? On a weekly chart, Feb thru May seems like the quintessential Wyckoff Spring jump-starting nearly three years worth of accumulation for a big run. EDIT: LOCO has a similar look as well.
Is the SOS convincing enough to ignore the high volume (highest on the chart) under the spring?..... Or should that level be tested again?
