Hi YXI friends,
Please review today’s chart analysis on MSFT, LINKUSD, FSLR, CRM, and MELI. To me, MELI shows an interesting, almost predictable chart pattern — see for yourself.
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Table of Contents
S&P 500 (SPY ETF)
Using our Asset Cycles Framework, SPY is approaching a near-term peak in November, according to the top 3 combined cycles (in orange).
1) MSFT
I am concerned that the September rally was a b-wave, meaning it was corrective in nature. Wave (c) could head towards $470.
2) LINKUSD
LINK does appear to be in a nested 1-2-i-ii here, now starting wave iii. However, it is a volatile name, and one should manage risk carefully. Wave iii may reach $60+, but patience is required.
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3) FSLR
FSLR is likely in wave 3 of (5) from the April low. Wave 3 could challenge the $300 mark, which completes its round trip from the 2024 high.
4) CRM
While other companies are getting massive boosts from OpenAI deals, Salesforce’s share price has hardly budged.
The price pattern since 2024 appears to be a Head & Shoulders pattern. This in Elliott Waves translates to the final (3)-(4)-(5) pattern on the left and (A)-(B)-(C) pattern on the right.
If this bearish case plays out, CRM could visit $180.
5) MELI
MELI has shown an almost predictable, rhythmical pattern in an uptrend. It rallies by 60%+ in each upward spurt, then drops by around 25% in each downturn.
Is there a large whale behind the scenes? I don’t know.
But MELI is now approaching the 25% drawdown mark again, which has historically marked the turning points.
Referals
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