Carlos discussed on the posted video earlier this morning, the $SPX levels and where we could be heading today.
So far it has played exactly how we predicted, we are in processes of completing wave 3 and then a pullback is required to complete the 1-5 wave move (for those who follow EW method) before making any bullish counts, so far its just a corrective bounce, and currently we closed back in the wedge, as we couldn’t close above 50MA. On the same token in the chat room Warren in our Futures room has placed a short trade on the $ES_F and possible target 2639, trades were posted via shorting $ES_F or playing the $SPY put trades.
Now we looking at the $QQQs on the other hand have been holding pretty solid up move, and making some good new highs on the intraday basis. They are better set for any bullish play, and we can thank our leaders for that up move in the Nasdaq, Leaders like $AMZN, $FB, $AAPL, $NVDA etc.
Assumption on $QQQ if wave C hold, we can project to 166.93 as a target with having 163.99 as the support, due to the seasonality for a strong up move to even 171.
$FB long trade almost getting ready for another long play once we clear that 174 support holds and go higher to 186 target.
$AMZN, has been holding very good after reporting its ER, and we can potentially look for 1721 target, or perhaps 1678 to be on the conservative side 6% return on the investment.
$ANET reported earnings and its one of the market leaders, and we think it has a nice move up, holding the current level and as it complete the 5 wave up, we could see 1108% win rate if we take the Delta 40 long calls after its reporting its earning. We will place this trade in the room.
$CPA also reporting this week, one of our favorite companies. Its currently working the 5 up and it will likely completed over here, and ready for an up move, so we will place based on the lows and target of 123-126 possible upside targets – always better to wait after earning..
One of the Major movers for the $QQQ’s, $NVDA is going to report this week, and we predict that it can get sold after it reports, as the patter of the Elliot Wave already set for a drop, as a standard move. After the initial down reaction, we could project it makes a new high after with potential targets roughly around 260 to 280+, in Summary don’t short it, wait for the entry around 227, if we don’t get it that’s basically our long targets.
Last week we did $BABA and we projected 190 as a price target, and we bought the 190 calls and currently it’s trading 197.
$TNA is currently getting closer to our target and we have been lightening up since Friday, as at the moment ROI on capital invested is not warranting holding more, although we can extend to 73-75 as potential target – we would like to see a pull back to 70 before joining the long again. With return of 3-4%.
$AAPL, has been a leader and its getting closer to the 1Trillion dollar company, right now its pretty much extended
See you in the Chat Room..
Seeking Options Team
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