SPY & QQQ completing subwave 5 of Wave 1 - expect corrections soon

 

Both SPY and QQQ are over-bought and will soon correct after the completion of Wave 1. 

SPY: Buy range = $437-$443

QQQ: Buy range = $360-$365

I am being cautious and moved to almost 100% cash. I'll wait for the dips and buy some growth stocks.

BLNK - in my radar with a price target of $56

 

With TSLA breaking all barriers, the rest of the clean energy stocks pumping up. My focus is on BLNK. Buy all dips below $30 with a price target of $56. Stop loss is $24.8. R:R ratio is damn good. I am planning to buy 1000 stocks at an average price of $28-$29, which is quite possible as the stock seems to be approaching overbought territory in RSI, and wave 2 will pull the price down under $30. Keeping it on my watchlist.

PLUG and FCEL are other candidates on the watchlist. These 3 stocks are expected to rock the year-end.

LTCUSD - swing trade - BUY all dips below $190, sell at $220

 LTC looks really good in terms of short-term, medium-term, and long-term trades. 

(a) Short term - buy any dips below $190 and sell when it reaches $220.

(b) Medium-term - LTC is in sub-wave 1 of Wave 3. Ultimate Wave 3 target is $270. But, once the leading diagonal of wave 1 is complete, a great buying opportunity is expected as per my analysis in wave 2. The ideal buying zone will be $170-$180 with a stop loss below $159. I am eagerly waiting for the opportunity to ride LTC from $170-$180 to $270.

(c) Long-term - Buy LTC at $170-$180 in sub-wave 2 of Wave 3. Wave 4 will be shallow and then another impulse wave up (Wave 5) will take LTC to conservatively $350-$400. Possible time target - sometime in 2022. The ride won't be smooth but who wants a smooth ride trading crypto?

Similarly, buy all ETHUSD below $4200. 

AAPL buy zone $142-$145, price target $175, if it is above $141

 Weekly View

AAPL is completing an ending diagonal - in wave 5. It has to stay above $141 for this to be valid. The price target is $175 by Q1 2022. Once AAPL completes wave 5, it will give a generational buying opportunity. I plan to get out of AAPL once it hits $175 and I'll wait for the dip. I'll post more on this once it reaches $175. The overall market is bullish as indicated by the green Ichimoku weekly clouds in QQQ and SPY. No worries of the entire market crashing or catastrophe as of now.

Daily View

Daily view shows RSI is still overbought and some more corrections on the cards. Expecting price to stay above $141.7, and it will hit $162 to complete wave 3 of 5. Then some sideway movement and finally wave 5 of 5 with a conservative target of $175.

My technical analysis blog

I post my analysis in this blog of the USA stock market. The content is for knowledge only and not meant for any other purposes. I generally use (a) Elliott waves, (b) Ichimoku Cloud, and (c) RSI. Also, this site will have a lot of educational content on the different technical indicators.