Elliott Wave Analysis of NQ (E-mini Futures)

With the new high on the RSI the current wave structure appears to be a make the case its likely the end to a 3rd wave of an impulse wave from 6954. So the preferred idea is to see a pullback for wave [v] as shown, followed by further upside to end an impulse wave (5 wave advance) from 6954.

It would need a big move under 7150 to be an issue for the current idea, but from what I can see, there appears to be a down-up sequence missing to develop a 9 swing advance from 6854 (9 swings suggests an extended wave, in this case its wave [iii], as that subdivides into 5 smaller waves).

A common target for a 3rd wave is a 2.618 extension of wave 1, in this case its now hit that area, so its at a band of resistance to suggest wave [iii] is close to ending and setting up for a pullback for wave [iv]. The bigger picture ideas are reserved for members, but based on the structure I still like to idea of a potential major top setting up, once this suspected impulse wave ends from 6954.

I actually thought the advance ended at the Jun 2018 highs, so this new high supports an alt idea we have been tracking.

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Elliott Wave Analysis of Chipotle Mexican Grill (CMG)

The upside above 460.00 is further supporting the idea of a move to new highs for wave 5 and complete an impulse wave from the Feb 2017 lows, barring a more complex pattern such as a triangle for wave 4, then continue to target new highs above the Jun highs. There is a measured move target near the 492.00 area that can act as resistance and suggest sellers arrive, but any new high above the wave 3 highs (Jun highs) would be enough to suggest wave 5 is completed.

Above 444.37 supports more immediate upside. I would consider other ideas such as a triangle for wave 4 if a break below 444.37.

If you own this stock I would encourage you to think about taking $$$ off the table if new highs are seen to end wave 5 or at least lift stops to 444.37.

Updated chart. I suspected its now in wave 5.

Alt triangle idea for wave 4.

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Elliott Wave Analysis of Ferrari (RACE)

Has this finally ran out of gas?? The recent set of gyrations appear as a bearish rising wedge, Elliott Wave calls this an ending diagonal. Looking at the prior gyrations I can make a strong case that the high into the Jun highs was the end to wave 5 of an ending diagonal as well as the end to a much larger impulse wave that started from the Feb 2016 lows.

So what does that imply?

Simply put if the Jun highs marked the end to the trend from the Feb 2016 lows, then we can expect a significant decline to correct the advance which counts well as a 5 wave move. Ideally any upside is capped below  148.20, that should favor further downside.

Looking lower below the Jun 2018 highs. Target 100.00 – 85.00.

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Elliott Wave Analysis of Tesla (TSLA)

The short term gyrations from the April lows can be counted as either a completed zigzag (my favored idea), or possibly part of an impulse wave (5 wave advance), so the current pullback is a 4th wave and it will see new highs. If it remains below 355.41 and continues to push below 310.00 then it will further support a move lower and argue that a full retracement of the advance from 244.70 is likely to be seen.

If the current decline is wave [iv] of an impulse wave, then I would expect a reversal back above 355.41 to support further upside for wave [v] towards 380.00.

Bearish

Bullish

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Elliott Wave of Alibaba (BABA)

Counting the move from the 2015 lows, there are enough gyrations to count the advance as a completed impulse wave (5 wave advance). A strong reversal back below 190.00 is needed to support further weakness and suggest wave [5] has ended.

If you own this stock be VERY careful, if the current advance has ended or ended wave [5] , we can expect a sustainable move lower to correct the advance from the 2015 (all time lows). Initial targets would be 170.00, then 140.00.

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