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Please review today’s chart analysis of SPY, TSLA, SLV, NBIS, AMD, and ASTS.
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Table of Contents
1) S&P 500 (SPY ETF)
SPY could go for the gap-fill and a retest of the 50-day MA (in blue). $660 will serve as strong support given the volume profile.
As the government re-opening is positive for liquidity (Treasury General Account runs down), I am not adamant about a lower low in this wave 4 pullback. Dips remain good buying opportunities before year-end.
2) TSLA
TSLA Machine Learning Signal
TSLA remains Risk On today.
Daily Chart (https://www.tradingview.com/x/xHEd4koI/)
TSLA has opted for a wave (c) correction inside wave (iv). My target zone for wave (c) is the $401-415 region, where it currently sits.
My near-term expectation is that TSLA will likely break the all-time high before the year-end. Therefore, the pullback continues being a dip opportunity.
3) SLV
SLV has likely started its wave 5 climb, which can reach above $52, at the 1.38 inverse extension of wave 4.
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This was how they did: GLD +1.6%, GDX +3.3%, SLV +4%, SIL +3.8%, USO -4%, PPLT +1.6%. PALL +1.5%, CPER +0.5%
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5) NBIS
NBIS is likely in a wave c of (iv) pullback, which can target down to $80. However, $80 is a critical support zone, right at the top of the September gap. Breaking below $80 risks a much steeper drop into the $60s.
6) AMD
AMD’s gap up from the OpenAI news could actually have been the catalyst that kicks start the wave 3 of (5) in the long-term chart.
Contrary to the popular myth that “all gaps will be filled”, breakaway gaps don’t need to be filled within its upward cycle. Wave 3 could target $500+.
7) ASTS
First, I would disclaim that there is a reasonable chance ASTS topped in Ocotber - the lengths of its 5 waves since January are sufficient for the cycle.
However, a more optimistic view is that ASTS could be in wave c of iv, which can complete in the low $50s. Afterwards, there could be one more high in wave v of (v) to attempt the $120 region.
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