The Long Investor

$LRCX

Another stock that is likely to test its 200 Day MA first before moving higher and this impulse wave count remains very strong and healthy.

The plan remains the same here to get above the blue line at $726, meaning a new high and confirmation of Wave 3.

Lam Research has a popular following on X too but I do like h...

$MCD

Is like clockwork. Keeping very strict in this upward channel and we said the middle channel trend line will be tested again and that is looking very clear now that it may happen shortly....in line with a lot of large caps testing their support levels.

For both the corrective and impulse wave options here, both are show...

$OPEN

You've gotta admire the strength of $OPEN and its confluence level, which has its 0.65 Fib level exactly on the 200 Day MA now and the price has been battling but battling well on this level.

This is also a very clean pull back for Wave 2, as 3 waves are very clear in this Wave 2.

I have added in the 0.78 Fib as a...

$SMCI - RC -

$SMCI has been following the ABC corrective wave since topping out at that maximum Fib level at 4.618.

Pull back is not complete here and we can see that the price is struggling with the 50 Day MA and the 200 Day MA is all the way down at $180.

I believe if $NVDA decides to make an aggressive move down next, then ...

$CHPT - RC -

Is in a bad situation right now.

The price had moved all the way down to the First Target and put up a slight bit of a fight and has now lost that level as a potential support level and now the price is moving down to the Second Target at $1.88.

This is not where anyone wants to be right now.

$F TOP 20

$F was able to maintain its structure yesterday too, in spite of the enormous pressure and kept within this bullish flag....however it is still below the 50 and 200 Day MA.

Impulse wave is still in place and only becomes invalid if a lower low is made, so going beneath the wedge again, below $11.50 would invalidate this...

$AMZN TOP 20

No changes to this chart which was uploaded at the weekend, where Wave 4 is still on the $120 level as we were not fully convinced that the reversal had begun.

We are also not convinced that we can rule out the 200 Day MA acting as support here either and coming down to $113.

I will be scaling in heavily between $...

$BABA TOP 20

$BABA like $NIO also had a flat-ish day yesterday compared to the market and we can see that the price action is just moving across along the 0.78 Fib at $83.50.

Yesterday was not a day for anything to start flipping bullish and $BABA was no exception.

We'll watch this closely and I know many members are holders h...

$NIO TOP 20

Yesterdays market performance was as bloody as it gets, some of the biggest names were down substantially and selling increased as the day went on.

But I noticed that there was relative calm amongst our group.

Either this market has numbed everyone, as the relentless selling over the last 2 months is now havin...

$MPW - RC -

Double Top here was particularly nasty, as the decline at the second rejection has been extremely aggressive.

Falling from $24 to to $5 in less than 2 years.

The bottom blue line is the 2008 Financial Crash Low Line at $2.65....the price held there, so surely this will be a potentially strong support level for a r...

$ZIM - RC -

It must be over 7 months since I uploaded this chart and very little has changed, the share price hit Target 1 and Target 2, rejected at Target 2 and came down to the Blue line at $16, tried to hold support here twice but crucially lost it in May and has now been drifting down lower and lower through this channel.

I am ...

$PFE

$PFE holding up relatively well this week and tested the 0.78 Fib line today at $34, we know that we need this level to flip from resistance to support in order to see signs of this chart reversing.

I believe this will come but we need all the patience available here as $PFE is still in this strict descending wedge

$GME

I warned how rotten this looked. 

You could not possibly consider buying a company like $GME when so many fundamentally strong companies are on sale.

Hard rejection at the wedge line now and the 50 Day MA has crossed down through the 200 Day.

Full Bear Mode here.

$COIN

$COIN for me is still not out of trouble, it is looking further likely that the 200 Day MA will be tested here next at $66 and the real drama will happen if the 200 Day MA is not held, the last test is the $62 blue line, we can see on this chart that it has been an important support/resistance level all year but ultimately it...

$BRB.B - RC -

No one and no company is immune from a Wave 4 pull back and thankfully so.

Berkshires pull back has been quite aggressive since hitting the 1.27 Fib at $373, $KO, $AAPL, $BAC and $AXP are the biggest offenders to this decline.

Do you think Buffet would be panicking holding stocks like this?....I suspect he's posit...

$AMD TOP 20

This pull back is important now, if the price call pull back to the 200 Day MA again and hold then it will make two statements:

1. It has made a higher lower, and

2. The 200 Day MA has acted as support level twice.

This will be a firm signal of support by testing the 200 Day MA once again after bouncing and ...

$SOFI

Hard rejection at the blue line has confirmed the downtrend momentum here and reinforces my belief that this will come down further and it is following the amber 5 waves down count very well here.

The 200 Day MA at $6.85 will be a very big test, this is the last support line effectively in this structure, a failure to h...

$OXY

Sitting on the 200 Day MA on the daily chart now, which is the 0.5 Fib level too at $61.78.

$OXY has been very strict with respecting Fib and MA levels and long may this continue.

I may consider adding to my position this week if we can maintain support on this level.

$SPY TOP 20

$SPY is back into the bounce level again and the 200 Day MA at $418 is certainly the target here now.

I am not anticipating this going below the 200 Day MA, if it does and it becomes a resistance level......then the market is in trouble....but this is not what I am seeing here.

I am still seeing Wave 4 now before ...

$PLTR TOP 20

Rejecting at the top of the bearish channel and suffering today like many stocks in the market.

Patience here is now paying off as we did not believe this bounce was anything more than an extension of a corrective wave and a new low is still expected for us.

Let this play out and when it does come down to our leve...

$ABNB TOP 20 - CURRENT WATCHLIST

Keybanc cut its Buy rating today in $ABNB and said that its price now was effectively at its Fair Value and has concerns about the travel sector.

PM is down -2.5% on this news.

Hopefully this news can pull this down out of the wedge and we can get this moving down to the 200 Day MA at $120.

$120 for me at th...

$SQ

$SQ has been in no mans land since losing the $55 level at the blue line and the next test of support is at the yellow trend line at $40.50 now.

Losing this level and the price comes all the way down to the $Covid Low line at $32 which is a remarkable and shocking level for $SQ to pull back too.

I suspect Jack Dor...

$TSM

When I see share prices holding important Fib levels then we know the Fib levels are in control of support and resistance, so this is something we can measure and track.

So far the price is holding the 0.5 Fib so far and bounced slightly yesterday too.

Any weakness in the market and this moves down to the 0.618 Fi...

$IQ - RC -

Moving sideways here on the 0.78 Fib, has not shown signs of starting its reversal for Wave 3 yet but equally is not showing signs of moving down further, it is holding this important level so far.

The structure is still in place and has held very well over the last 2 months.

What I would like to see is this drift...

$DNA

$DNA struggled yesterday but tested the 200 Day MA now for the 3rd time at $1.70.

The PM today is also sitting on the 200 Day MA line too. As long as this line is held, the structure is in place.

The market is showing some red this PM as many await the results of the JOLTS data, which is due out in 2 and a half ho...

$NIO TOP 20

Mixed day for the market yesterday, Mega Caps performed well but some fluctuations for many stocks as intraday trading was a bit erratic.

$NIO was showing green in the PM with the majority of stocks but finished the day -2%....I suspect the slightly shorter than expected delivery numbers for September played a part in t...

$GOLD

This is a joy to watch, following our count exactly as projected, when many believed $GOLD was going to the 'moon' in April.

$GOLD should continue its decline and this is another option for us when the market tops out.

We will be ready.

$PSA - WATCHLIST

There is only one company in the S&P 500 with a NET MARGIN above 90% (92%) and it has conveniently pulled back for Wave 2 and is exactly at the 0.618 Fib line right now at $257.

Remarkable.

Get this on your watchlist.

$VIX

Went above the 200 Day MA during intraday trading but did not hold above the level and finished just below it to the finished the day at $17.60.

I will be watching $VIX closely as one of potential options against the market at the end of the year, the Vix has never gone below the bottom blue line at 8.60.

$BAC

Continues to feel the pressure of high interest rates and is at $26.70 right now....the March low is at $26.30....so the market feels that the pressure $BAC is on now is the equivalent of the pressure being felt when regional banks were collapsing in March of this year.

Our chart here has been spot and I see more of a d...