Interesting Chart Patterns To Monitor In Coming Days...

[MR]

Monitor for a pullback and a possible Type 1 Buy opportunity
in Franklin Covey (FC) next month. (see attached chart)
It is labeled a major Wave 3 in progress.

(Be very careful though because it is a cheap stock with very small volume.
This kind of stock can be easy to minipulate. I am showing this only as an
example to track to see how it conforms to Elliott Wave expectations.)

[Steady]

good luck to all!

[gelfont1]

type 2 short HSY

Any thoughts on HSY as a short setup type 2.... I think it's a perfect example of type 2 setup, then again i'm new at this... daily chart. I don't know how to attach a chart.

[MR]

Re: type 2 short HSY

Hi gelfont,

HSY... a sweet stock... (pun intended).... our family has been trying to get to their Hershey, PA, amusement park for three years now. This is a great company, and I have the dentist bill to prove it!!!

Weekly HSY identifies the Elliott Wave as a Wave 3 in progress. I believe that is true still. If you decided to do a Type 2 sell here, you would have to trail your stop tightly to protect any profits you may earn short-term. I personally think-- based on the strong pattern in general-- if this stock corrects more now, it will end up higher before the summer is over. The major Wave 3 top is not yet in place, in my humble opinion.

Originally posted by gelfont1
Any thoughts on HSY as a short setup type 2.... I think it's a perfect example of type 2 setup, then again i'm new at this... daily chart. I don't know how to attach a chart.

[MR]

I own 250 shares @ $23.00 of Great Atlantic and Pacific Tea Co, Inc. (GAP). I had been watching the stock go up and never got a pullback to buy into, so one day I just got greedy and said the heck with it and bought into the gap (with 'GAP' as their symbol I figured it was prophetic... as strong Wave 3's gap at the early stages.) Not only am I glad I 'gapped' it, I plan to hold this position, then add to it this summer if it ever does a Wave 4 pullback. (see attached chart)

[MR]

For what it is worth, my close friend asked me yesterday if BOOM and INTC had more life in them. I told him, yes, that while I have no position in these stocks, I would be interested in buying into a Wave 4 pullback. . . unfortunately. . . this is what I wanted to do with GAP and never got the Wave 4 pullback chance until after I bought it (big haha). One has to wonder how high they will go before I end up buying these stocks, only to then have it pullback.

[DuaneG]

Here is our updated post regarding an example of a Type I Sell

The Type I Sell that we've been watching with OSIP continues to work out well. Based on the strength of the sell-off, we are watching Zone I of the MOB at Wave 5 as a possible target. The fallout hasn't been a capitulation, but we'll take it. This trade is nearing completion; we'll now wait and see if the MOB is strong enough to justify a Type II Buy....

[MR]

Duane,

Another excellent example with OSIP. I am not just saying this to be nice, but really mean it! Your posts have been very good, very helpful. Thanks for sharing. . . and please keep posting your ideas here.

Marc

[donv]

I tend to agree with Marc, however I still think the daily type 2 sell could make some $$$ but may not be worth the risk. Both 5/35 and 10/70 Osc support the sell, in fact the 10/70 made a much lower high. OTOH we have a false bar stochastic at overbought which indicates strength and of course the weekly strength Marc pointed out. Using the RTC entry technique we technically have not triggered a short yet 64.02- would be the level.

Let's check the R-R: entry 64.02 stop 67.37=3.35 pts. Target is prior W-4 low 59.09=4.93 pts so we end up with 1.47 R-R not very good. An alternate stop could be at the gap down at 66.01+- and would increase the R-R but now your adding your own two cents to make the trade acceptable, in my experience this is usually not a good idea.

The weekly is so strong I would look for a longer term buy opportunity there and use the daily or even 60 minute to find an entry point...the weekly may never give us that type 1 setup.

donv

Weekly HSY identifies the Elliott Wave as a Wave 3 in progress. I believe that is true still. If you decided to do a Type 2 sell here, you would have to trail your stop tightly to protect any profits you may earn short-term. I personally think-- based on the strong pattern in general-- if this stock corrects more now, it will end up higher before the summer is over. The major Wave 3 top is not yet in place, in my humble opinion.

[MR]

First of all, Don, your comments on HSY are right on the target! I could not have said it that well.

To add one more idea here, Gelfont, as a trader, this is the only Hershey (HSY) trade I would be willing to take today. It is a 120 minute Type 1 Buy setup. (see attached chart below).

It is aggressive (AB= Agressive Buy) and would only do a small position with a tight trailing stop because of the contradictions stated earlier, and the differing EW counts on different time frames. It is not the highest probability-- only a 50-50% odds of success trade, particularly with a holiday coming up. It could very well end up being a losing trade. That being said, the risk-reward is acceptable, The Short and Normal Ellipse worked well perfectly here, it held 38% support, it is in the direction of the weekly Wave 3 momentum.

[kosmicmisfit]

Count me in as well!

I have had AG EOD for over 6 years and to be honest haven't used it much. I am now trying to get to grips with it recently.

What I am trying to do is use a combination of fundamental analysis as well as TA.

My particular interest would me in making the most of the search facility within AG EOD and then to filter opportunities.

I would really appreciate anyones assistance.

Thanks

[MR]

XMSR

I am not in XMSR but identified it as a possible Type 2 Buy earlier this month.
If in XMSR I might have added to the position today at the 25% retracement.
There was an aggressive Type 1 Buy opportunity, see 15 minute chart.

Originally posted by MR- Posted: 05-20-2005 12:21 PM

I mentioned here two days ago XMSR was setting up for a Type 2 Buy candidate.
It was around $29.30 at that time. As of noonish Friday, it is now to $31.45, up a $1.40. . . .

Originally posted by MR- Posted: 05-18-2005 11:34 AM

Is only a 50-50 idea... but I think XMSR is setting up as a possible Type 2 buy,
basis a daily chart? Might be worth a look.

[Steady]

RE: boom

does BOOM look to be out of gas? looks like wave 4 is done and we should get a nice steep pull back... Great job on the post. with 2.6 million shares in the float this stock will fall just as fast if not faster than it went up.

[edwardyu]

interesting charts to monitor in coming days

Hi Marc

Any thoughst on GOOG?

Thanks Ed

[MR]

Re: interesting charts to monitor in coming days

Hi Ed,

click here to see GOOG comment.

Originally posted by edwardyu
Hi Marc

Any thoughst on GOOG?

Thanks Ed