The Elliott Wave Wednesday Live Stream w/ Todd Gordon
By Bennett Tindle
September 2, 2020
After some stormy news in texas, the team is back with another Elliott Wave Wednesday show. Again as we stated before NASDAQ is leading the charge. As the AAPL and TSLA split has taken effect it has not slowed the momentum in the markets.
Trading at these highs can seem silly. As waiting for a good setup is always recommended being resigned is also a fault. If you had waited since our March 28th lows for a “good” setup an opening in the markets would have never presented its self. In this episode, we stress how by using Elliott Wave Trading Analysis has been able to profit while managing risk at these high levels.
Can we become even more fractal with our upside targets? Yes, trading at these highs can be daunting but we have been doing it and are now looking for a new setup in NFLX and ROKU.
One last remark to point out is the slope in our wave 1 SPX count compared to the slope of wave 3 in our SPX count. With our wave 1 slope being greater than wave 3 this is one fact we will keep track of going forward.
Sector rotation! The common theme in sector rotation is the Tech Sector and major leading sectors going from weakening to improving over and over with no lagging indicators. One stock we are seeing that going from weakening to leading is CMG (Chipotle).
The dollar is moving lower still but this might be it. Aleksandar is predicting a low in the dollar with a counter-trend rally soon coming. Gold is looking to consolidate for longer as the markets first need a move for more gold upside.
In the Crypto, section Aleksander is looking for some moves in ETH/USD.
Thanks, everyone for another great show see you all back next week!
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Founder and Lead Analyst of Trading Analysis
Todd has been trading as a career for the last 20+ years. His goal is to not only provide insightful analysis, but to teach people how to think and grow as professional traders. Todd is a practitioner of Elliott Wave Theory and he uses it to gain an edge in the highly competitive trading arena. In addition to trading professionally, Todd has worked as an analyst and researcher at two different hedge funds. Click Here To Learn More about Todd Gordon