Correction on the horizon
By TradingAnalysis November 21, 2019
We’ve had a blast trading the recent upside here at TradingAnalysis.com, and remain bullish for an overall move to 3150 – 3200 in the S&P 500 (SPX). That said from a technical standpoint we are seeing over-extension and a contraction in volatility, which should be setting us up for a 4th wave correction. If you have been following our work, you know we recently closed out an NDX butterfly, successfully calling and profiting on a move to new highs while most everyone else was bearish. Other recent notable moves include $AMD, up over +40% out of the advised wave 2 support zone which was highlighted in our October 16th public YouTube livestream. In addition on the 16th stream we highlighted support in $DIS from $128, now trading $146, and $INTC from $52, now trading $58. As you can see, we bring a wealth of knowledge and information to our public stream and hope you tune in next week!
In addition to a profitable month, we had the pleasure of hosting Andrew Baptiste on our YouTube, Elliott Wave Wednesday livestream this week. Andrew, or ‘Drew’ for short has nearly four decades of market experience, including 28 years of institutional investment banking. He spent 14 years at JP Morgan before moving to Morgan Stanley where he held the position of Chief Technical Analyst in the fixed income division. As you can imagine, he has a wealth of experience and knowledge in financial markets, and is a major proponent of the Elliott Wave Principle.
We were extremely excited to have Andrew Baptiste on as a guest, and hope to have him back in the future. If you are not an active viewer of our weekly public stream, I would strongly suggest you check it out. We’ll be back at it again next Wednesday at 8:45 AM Eastern, live from Todd Gordon’s YouTube Channel. View the full broadcast with Andrew below.