Hi YXI friends,
Please review today’s chart analysis for AMZN, COIN, CRWV, APP, and RKLB.
Housekeeping: I will not be able to write this email tomorrow due to my personal schedule.
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Table of Contents
S&P 500 (SPY ETF)
SPY is still in a “bullish calm” state. SPY has dodged the 50-day MA so far, staying in a bullish state. While its volatility is rising, it is in line with the past 1-year average. Watch both factors for increasing risks of a much bigger pullback.
1) AMZN
AMZN tests the 200-day MA (the red line) as I write. This could represent the final leg, wave circle-5, of wave c, of the wave (iv) correction.
I do think the current price region represents an attractive entry, although AMZN could stretch down to $210.
2) COIN
While also pulling back, COIN shows better relative strength vs. Bitcoin and Ether.
The breakout this month has potentially started its wave 5 rally. I see $325 (the 50-day MA) as an attractive entry here. There is a heavy volume profile just below it for support.
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3) CRWV
CoreWeave appears to be in a wave (iii) bullish trend from its September low. Wave (iii) could target $180+, at the 1.382 extension of wave (i).
4) APP
APP’s bounce last week failed to get past the October 6th open. The near-term price action appears bearish, with the potential to test the 200-day MA below $400 in this downturn.
5) RKLB
RKLB’s price action this month has been incredible.
My read is that the current large degree wave 5, will see all 5 of its waves in an a-b-c sub-wave pattern (as labelled for circle-i and circle-ii).
If we get a retest below $55, that presents an attractive entry to target wave circle-iii above $80.
Referals
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