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Still bullish on S&P 500, but rough month ahead

June 11, 2018
7:30 AM
By: Chris Guthrie

The SPDR S&P 500 ETF (SPY) has been relatively predictable when applying some Elliott Wave Theory principles. While we are in the final stretches before we hit a major correction, a smaller one is on the horizon. The pull back will not be much, but jockeying for position is not bad.

Current SPY chart from TradingView
Current SPDR SP500 ETF chart from TradingView

The index should find a top around June 14 around 2791.91. This will be followed by a drop over the next 1-3 weeks. My projection has the bottom most likely between 2670 and 2740 based on typical wave 2 pull backs. I am leaning between 2700 and 2733. After this bottom, I expect major upward movement through early to mid-September. We could test…CLICK HERE TO CONTINUE READING…

ConocoPhillips (COP) Continues Rally, Short-Term Drop Expected

Updated February 1, 2018
2:30 PM

Our original projections of the Cycle wave 3 appears to have been 7 days premature. This should not impact our wave 4 bottom by too much. Our new levels of interest are 58.95, 57.20, 56.36, and 53.78. The average retracements, mentioned in the original article below, over the course of the Grand Supercycle have not changed and are responsible for these levels of interest. 2017 Quarter 4 earnings failed to result in major upward movement which instills confidence the stock will continue to fall and carryout this corrective wave. Our target price has risen to 56.20 and moved to March 5, 2018. DISCLOSURE: We have short positions for this stock at the time of this update.

Current COP chart from TradingView
Current CONOCOPHILLIPS chart from TradingView

…CLICK HERE TO CONTINUE READING…

Intel Corp (INTC) Could Drop 33% Soon

Published January 22, 2018
4:25 PM

Intel Corporation (INTC) has been in a well-defined Grand Supercycle Elliott Wave since 1996. All of the major waves and almost every single minor wave have been noticeable and predictable. Right now the stock is in the treasured third wave of Grand Supercycle. Even though this is the wave that tends to make wave theory investors the most money, the stock is set for a corrective wave before continuing upward again. At present, a short- to intermediate-term drop is expected through the June 2019. All projections in this article will be updated and refined as each minor wave ends. The image below lays out where the stock has been and where it is intended to go.

Current INTC chart from TradingView
Current INTEL CORPORATION chart from TradingView

…CLICK HERE TO CONTINUE READING…

Great Technical Outlook For Chicago Bridge And Iron Company (CBI)

Published January 21, 2018
11:21 PM

Chicago Bridge & Iron Company (CBI) has been in a well-defined Grand Supercycle Elliott Wave since 1998. All of the major waves and almost every single minor wave have been noticeable and predictable. Right now the stock has just begun its final stretch of this Grand Supercycle. The stock will rally at a macro level but corrections will occur along the way. At present, a short-term drop is expected through the middle of March. All projections in this article will be updated and refined as each minor wave ends. The image below lays out where the stock has been and where it is intended to go over the next 9 months.

Current CBI chart from TradingView
Current CHICAGO BRIDGE & IRON COMPANY chart from TradingView

…CLICK HERE TO CONTINUE READING…

ConocoPhillips (COP) Continues Rally, Short-Term Drop Expected

Published January 14, 2018
10:50 PM

ConocoPhillips (COP) has been in a well-defined Grand Supercycle Elliott Wave since 2002. All of the major waves and almost every single minor wave have been noticeable and predictable. Right now the stock is in the final stretch of this Grand Supercycle which is set to potentially wrap up before Christmas 2019. The stock will rally at a macro level but corrections will occur along the way. At present, a short-term drop is expected through the beginning of March. All projections in this article will be updated and refined as each minor wave ends. The image below lays out where the stock has been and where it is intended to go over the next 16 months.

Current COP chart from TradingView
Current CONOCOPHILLIPS chart from TradingView

…CLICK HERE TO CONTINUE READING…

So What Is The Real North Korean Threat?

November 6, 2017
9:50 PM

Where will the stock markets go as panic comes and goes regarding the North Korean threat? The threat is not new, and there is little the United States would probably choose to do. The markets have already begun to ignore new jostling and rhetoric.

The threat is most likely benign. Kim Jung-Un (KJU) is the youngest leader in his family. His grandfather, Kim Il-Sung ruled for 45 years (1948-1994) and died at age 82 in 1994. KJU's father, Kim Jong-Il, took the reins in his fifties upon the death of his father Il-Sung in 1994. KJU continued the family tradition and took control of the country upon his father's death in 2011 while he was in his early thirties.

KJU has managed to take out all potential challengers to his regime. He can…CLICK HERE TO CONTINUE READING…

When Will This Stock Market House Of Cards Collapse?

Published October 30, 2017
8:45 AM

The box is empty. The cards are set. For this house of cards, what is the most likely threat? Is it profit taking from the all-time highs of Apple, Google, Microsoft, Amazon, and ETFs? North Korea, Washington D.C., student loans, auto loans, ridiculous housing prices with low supply, record margin debt, terrorism or some other factor?

Even though it sounds like a child's story, big kids (adult investors) should pay attention as well. We are at a very interesting point in this current bull market. Some pundits see it running forever, while others…CLICK HERE TO CONTINUE READING…

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