The Long Investor

$CRWD

So $CRWD managed to pull all the way back to its 0.618 Fib at $208 and managed to do all of this in Wave A.

I do not see any Wave B in this pull back so the bounce now is only Wave B for me and $208 may get tested again later in the year.

I would be watching for the 200 Day MA, which is beside our Wave B level and...

$SNOW

Make or break time for $SNOW.

So far it has tested its previous low from 2022 and has held but it needs to make sure it stays above this level.

A hold here and Wave C is a possibility

No changes to the chart.

$SOLUSD

We can see here that Solana has pulled back further than $BTC has, it has pulled back exactly to its 0.5 Fib at $108, which would be $44k for $BTC, which is why Solana has responded better over the last 3 days, as its lower low is now in and the market bought the dip heavy when it offered more value at a lower Fib level.

$AMZN TOP 20

$AMZN has been showing relative strength over the last 2 sessions but I believe this is because it had pulled back stronger to its 0.38 Fib and below its 200 Day MA, which is lower than the $QQQ, $SPY and other Mega Caps, so it is slightly ahead of those now and therefore showing signs of bouncing for Wave B now.

Big te...

$PDD - RC -

$PDD is back above its 200 Day MA and its 0.618 Fib support line at $130.

They are also expected to report their earnings in the next 2 weeks but the date has not been set yet.

Impulse wave still looks strong and it just needs to go ahead from the Chinese sector to move higher.

Fundamentals remain strong and...

HSI

Another test of the Green Historical Support line, which has been in place since 1998.

Coincidentally, the green support line is sitting exactly on the 0.618 Fib now too at 16,669.

Price has held on this level for 4 sessions now which is good to see but we have not got a reversal yet and as long as the HSI is belo...

$BTC TOP 20

$BTC pulling back below the 0.38 Fib at $51k on the 5th of August means that it is still in its corrective wave as a lower low was made, on top of this, it is also in a complex corrective wave, so it is now continuing in this range and has gone beyond the basic ABC format, which is why I have added in the ABCDE amber count......

$CLSK

The channel could not hold!

The price stayed above the green line at $14 from Feb to August but when it needed to hold the most, it could not withstand the selling pressure, likely brought on by the weakness of $BTC

Price has dropped down to the 0.618 Fib at $10.50 and has so far held at this level, where a lot o...

$GOOG TOP 20 - LONG TERM PROJECTION

Same chart I uploaded a few weeks ago here with no changes, moving beautifully and down to the green line, where the 50 MA on the weekly chart is moving to, which is also the 200 Day MA on the daily chart, making this a perfect confluence level.

A bounce here for Wave B and then a further decline to the 0.5 Fib at $138 ...

$SPY TOP 20

I have added the 1hr chart to show you the subwave movement of the price action over the last few days.

We can see that the price bounced in 3 waves higher, something I alerted about yesterday, it has now pulled back now and we can confirm that the bounce was not an impulse wave as it only had 3 waves in it and that is ...

$MSFT TOP 20

$MSFT is testing its 200 Day MA from below now, $MSFT is in the same category as $AMZN, it lost its 200 Day MA and drifted close to its 0.38 Fib too, a test of its 0.38 Fib would be ideal to confirm that Wave A is complete too but the pull back hit our Wave A level exactly.

So we have $AMZN, $GOOG and $MSFT in very simi...

$GOOG TOP 20

$GOOG is getting close to a confluence level now at the blue line at $155, which is also where the 200 Day MA is waiting and just above the 0.38 Fib, like $AMZN, a test of this level near the 0.38 Fib and holding, then we can start to assume that Wave A is complete.

This has already declined massively from $192 to $160 ...

$OXY

$OXY also report after the close later today and the price is right back into the Buffett Buy Zone where he was buying for the whole of 2023, he also bought higher above $60 in June and July too.

You will need to assume that Buffett knows what he is doing.

Market Cap is now at $51 Billion, Buffett has enough Cash ...

$HOOD

$HOOD reports after the close today and the chart is causing a little concern, the fall from $25 to $14 was very aggressive and went straight down to the 0.618 Fib at $14, arguably there is no Wave B in this correction, so we need to assume that it is not in yet

An ABC on the daily chart should have a clear Wave B, it i...

$PFE - WATCHLIST -

$PFE is now at its confluence level of the 50 Day MA and the 0.618 Fib at $28.70, this is where we will watch for a hold of support here.

Losing this level and the next level to watch will be the 200 Day MA just slightly below at $28.32, holding neither of these levels and you do not buy, you wait.

$PFE is in the ...

$TSLA TOP 20

$TSLA losing the wedge support level at $231 triggered many to sell, stop losses to get raided and when the 50 and 200 Day MA were lost, the impulse count broke down.

The $140 to $270 was likely a corrective bounce with Wave C ending high, meaning we will see a 5 wave down move now.

Price action has also tested it...

$TGT - WATCHLIST

Another chart that is just holding on the 0.618 Fib and so far looking to confirm support.

I do like $TGT, I like the technicals and fundamentals and have 1 buy in already as a starter position.

Earnings will be out on the 21st of August so I would be surprised to see much changes until then.....but if it continue...

$DKNG

I am very impressed with $DKNG's chart and counts.

Wave 5 completed and it has dropped very well now in a controlled corrective wave of 3 waves.

Price is still above its 0.5 Fib so we need to see more to confirm that Wave C is complete or there will be a drop down to the 0.618 Fib at $25 to complete

$DKNG be...

$PAYO

Reported today and beat earnings estimates by +50% and up +15% now in the PM.

No changes to our chart.

Price also made a higher high yesterday after finding support on its 200 Day MA at $5.25.

First and Second Targets remain the same at $7.75 and $10

$MELI - RC -

$MELI has now made a higher high from its March '24 high and has since bounced on its 200 Day MA after a strong earnings report on the 1st of August,

I suspect Wave 5 is not complete and its ABC correction won't start until it clears a higher high above the 2021 highs at $2015.

Price is staying strictly within thi...

$DIS TOP 20

$DIS reported a double beat this morning and the share price is still down -2% in the PM now

I am looking through the report and I don't see any issues but the one item I see they have changed is that they have removed their FCF guide, which is a little peculiar and may have spooked the market.

But that being said...

$HIMS

Ok I am not going to lie, there has been 3 large attacks and catalysts on $HIMS over the last few months that it has made me work hard on this chart, so I spent some time on this this morning, now that we have the earnings out of the way.

So this pull back lately is so far showing me a Wave 4 pull back to the 0.5 Fib si...

SILVER

SILVER is showing that sellers have started to dry up and the RSI is below 30 now in oversold territory and the MACD is in a massive oversold position

Last time its RSI was below 30 was in Jan '24 which signaled the start of the rally from $22 to $32.

Price is also very close to the 200 Day MA which is just above ...

$AMZN TOP 20

I added $AMZN yesterday at $160 and in the last update I said this was high on my priority and that Wave A had every reason to be complete now, after losing the 200 Day MA and holding support on the 0.38 Fib at $155, after dropping in between the 0.38 Fib and 0.5 Fib.

It has bounced well so far and the next test should ...

$ABNB TOP 20

$ABNB missed yesterday and gave a weak guidance for Q3 and it may need another 1 or 2 earnings to show an improvement but I can't deny that I am attracted to buying $ABNB once support is found and if I get the opportunity to add at $100 or anywhere below this level then I will buy, put it on the shelf and come back to it in 2...

$SHOP TOP 20

$SHOP is up +18% in the PM now after a strong report across the board, with no issues or concerns and healthy guidance.

We can see clearly now that the 0.618 Fib has the support level at $49 and the price is already at $64 now

So the next question will be, where do I add?

The bounce is likely not complete n...

$DELL

$SMCI reacted by jumping +17% after their earnings release and as I write this, it is down to +4% and trending in the wrong direction.....but the earnings call is still to come.

If $SMCI can bounce again and react well, it will likely drag $DELL up with it, and $DELL has tested its 0.618 Fib this week.

So both we ...

$BKNG

$BKNG may benefit from $ABNB declining, so far it has pulled back since its earnings but held exactly on its 0.38 Fib and trend line support at $3177, this is where we would expect a hold for Wave 4.

If $ABNB drags down the sector then $BKNG may need to test support on a lower support level so I have added in the 0.5 Fi...

$SMCI

Also reports after the close today and has not been following $NVDA higher today but is struggling underneath its 200 Day MA after a strong flush down yesterday.

The 0.618 Fib was not touched at $489, so it is unclear whether Wave C is complete now, I believe we will know more after the earnings reports in a few minutes...

$ABNB TOP 20

$ABNB reports after the close today and it too felt the selling pressure yesterday as the price dropped into the Buy Zone between the 0.5 Fib and 0.618 Fib levels at $125 - $115

Price has bounced out of this zone and up to $130 and up +4% today as we lead into earnings

A positive beat and Wave C could be complete ...