I maintain technical observations and wave counts for dozens of stocks and other assets in the Discord server (I think there’s about 40 on there at this time), and I typically focus my attention on the S&P 500 in the newsletter on this website. I have often included discussion of some other assets alongside the S&P 500 here, either for instance discussion of other indices when it’s relevant, or discussion of important stocks when I think that can compliment my views on the S&P (what I think Apple is going to do next for instance is often quite important for the S&P).
But, what I am going to start doing beginning this weekend is to randomly select one of the assets from the Discord, and write a separate discussion focusing on it each weekend. This will expose a little more of my work to my newsletter-only subscribers. I will also (probably later today) be opening up the four private Discord channels related to the U.S. Indices (SPX, NDX, RUT & DJI) to the newsletter subscribers as well.
This way, newsletter subscribers will get daily articles which focus on the S&P, some other discussion in those related to what I find is relevant to those discussions, an extra weekend look at a random asset that I track (all on the website), and regular access to my present views on the indices (in the Discord); and Discord subscribers will get all of that, plus access to the intraday private Discord discussion channel that I occupy during the trading session, plus continual access to the analyses for all the other assets. I think that will be a better balance.
So, if you’re a newsletter-only subscriber and want to see my up-to-date views on all the indices, you will find those in the Discord soon, you will simply have to add your Discord username to your Patreon profile and the Patreon bot should take care of the rest. And everything else you will already be able to read on this website, as per usual.
Ok, so that’s how I will try things for a little while from here. I will organize all this more clearly in a tabular format on the Join page soon so that things are as clear as I can try to make them. But I produce so much work that I think it’s best to offer it in pieces to those who may want parts of it without all of it, so I’ll try this for a bit.
This weekend’s random selection is GOOGL. After it’s 2022 decline, it has participated in the tech-dominated rally this year, recovering most of its losses from last year. And, as can often be the case is such rallies, it is rising in a contracting structure:
That’s not something that I would particularly identify entirely as a “bearish rising wedge,” as it’s big and ridiculous, but it is always important to try to capture the price action in a structure of some kind if we can because watching trend lines like these can help us to see when we’re ready to move on to something else.
Ok, so, what can we do with it?
IF we’re in anything like a bear market rally, or a double top, and if we have another big drop in the market coming because of a recession (all unknowns, but all possibilities), then this rally should eventually fail. And if it’s destined to do that, we should try to count the rally “correctively”:
Ok, that’s what I think, from a technical perspective, on the big Googy.
I hope everyone has a fine weekend. (I certainly have haha)
I will see you tomorrow.