Just Talking Out Loud About Some Evidence: A Glance at $M, $BABA, and $META

I track a whole bunch of individual names, and I had to put some of that on hold because some stocks broke to new lows invalidating the counts I had been carrying. Names like Amazon, Adobe, even Facebook all made new lows and I have to wait to look for a new impulse wave before I can give a confident count on those.

But, I find it interesting, the selection of stocks that are still, wave by wave, hitting the right targets to justify bullish counts still (Alibaba, Macy’s, even Coinbase, and others).

I will show a few.


Macy’s, though deep for a “2,” pulled back just when I was expecting to to:

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Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


Revisiting $M, New Target

My last discussion on $M was here. In that post, I called for a significant rally, and we got it. It rallied over 50% from the time of that post to—and even through—the target range I had called for.

Since then, we can see that that rally produced a third distinct peak from the COVID crash low. That makes the rally an excellent candidate for an impulse wave. And since then, it has pulled back in exactly 3-waves so far. And in doing so, it has found support precisely at the 61.8% retracement of that advance from the COVID crash low, almost to the penny.

This whole structure gives us the appearance of a picture-perfect, textbook “1-2.” The target range for “3” is the orange box above us.

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I know that I have frustrated a lot of folks by having a bullish bias. The correction we have endured has been long and difficult. But, there are simply too many examples of structures such as this for me to not have a strong bullish bias, especially for the long-term. I will want to see structures like this fail in order to entertain much bearishness because if this (and other examples) are one-twos, we have a very long and drawn out rally coming ahead of us.


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


$M Inverse Targets the Orange Box

The large inverse that $M has formed seems well supported at the neckline. The measured move (it looks distorted because of the log scale) targets the orange box.

M

Read more “$M Inverse Targets the Orange Box”


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.