Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Well, it’s confession time: I’m scared.
I know as the designated martyr for equity bears, I should show more steely-eyed steadfastness, but the past six years have put the zap on my brain, and memories of what this jackass did a year ago still haunt me.
In a strange way, though, my fear is borne from the suspicion that the charts I am seeing are simply too good to be true. If I were to contribute a chapter to a book on charting called This Is What A Top Looks Like, the hypothetical, idealized charts would look like this:
$USDJPY hit upper level of resistance on this pair for the potential top of wave ((ii)) at the 119.96 level. Ideally this level should hold if we are going to see an immediate drop for wave ((iii)) of C of (B) down. Initial targets for wave ((iii)) come in in the 115.97 – 114.94 level with ultimate targets for wave ((v)) of C much lower. Again invalidation of this setup occurs with a break over the 120.57 level.
Originally published on ElliottWaveTrader.net, by Mike Golembesky.
Here’s today’s swing-trading watch-list:
Long Boston Scientific (BSX)
Here’s a link to the post I did back on September 30th in which I said, “I think Tesla’s product delays and high product prices are going to catch up with it, so I put on a small short position today”. In the very brief time since then, it has lost about 20% of its value. Solar City is also pooing all over itself. The bloom is definitely off the Elon Musk rose.
Here’s “one that got away”, because I couldn’t find any shares to short a few weeks ago. I think SolarCity is going to be a big down-mover. I’ll just be watching from the sidelines. (I feel the same about Weight Watchers – WTW, incidentally. No shares!)