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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 198717, member: 40858"] Despite the new all-time high in S&P 500 (SPX), the potential tapering by the Fed may cap the strength in US Indices. The Fed's chair Jerome Powell will speak this Friday at the annual gathering in Jackson Hole. He is expected to reveal details on how and when the Fed will start to taper its bond buying program. Mr. Powell has indicated last time that the Fed has started to internally discuss tapering. However, the Fed still lacks the specifics on the time and scale. The situation is further complicated with the current rise in Delta variant. It's likely that the Fed will not announce a taper at Jackson Hole. More likely is for the Fed to announce a taper in November or December at a gradual pace. If the Fed sounds ambiguous about the time and scale, it could support to the Indices. On the other hand, if The Fed surprises the market by announcing a taper or dropping a clear hint on the pathway, the strength in Indices may prove temporary. [HEADING=3]SPX Daily Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/file20210825110504.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/08/file20210825110504.jpg[/IMG][/URL] S&P 500 (SPX) shows two bullish cycles from March 2020 low and September 24, 2020 low. The cycle from September 24, 2020 low is quite mature and should end as 5 waves impulse with a few more highs. Near term, there is an incomplete bullish sequence from July 19, 2021 low. The Index likely sees 2 more highs before ending cycle from July 19, 2021 and at the same time September 24, 2020 low. Once cycle from September 24, 2020 low ends, the Index should see larger pullback in 3, 7, or 11 swing in wave 4 to correct this cycle. There's a likelihood that the pullback in wave 4 happens on the third / fourth quarter of this year due to the potential threat of tapering. Thus, the new high in US Indices is just as an extension within an almost 1 year old cycle. Source: [URL]https://elliottwave-forecast.com/stock-market/talk-feds-taper-may-cap-strength-us-indices/[/URL] [automerge]1630202705[/automerge] Every once and awhile a new stock gets the mass attention of retail traders and causes an extreme impulsive move. Support.com is one of those names right in the middle of a breakout. When I talk about the heart of a wave 3, it is the wave when most traders are chasing the stock. Lets take a look at what the company does: [I]"Support.com, Inc. is a technical support company for businesses and consumers. It is headquartered in Wilmington, Delaware with administrative office in Sunnyvale, California. The company's services are performed on Windows, macOS, iOS, and Android, supporting connected and smart devices. These services are performed by the company's remote, full-time workforce based mainly in the U.S. Support.com owns SUPERAntiSpyware, headquartered in Eugene, Oregon, which offers anti-malware software. The company also owns RightHand IT, headquartered in Louisville, Colorado, which provides managed IT services for small businesses."[/I] Lets dig into the charts! [HEADING=2][B]Support.com Elliottwave View:[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/SPRT-Blog-D.png'][IMG alt="support.com"]https://elliottwave-forecast.com/wp-content/uploads/2021/08/SPRT-Blog-D-1024x525.png[/IMG][/URL] Medium term term view from the all time low in May 19/2021 low. The stock pulled back in a wave ((2)) correction after an impulse off the March 2020 low. After setting a low at 2.32 May 19, Support.com again rallied in 5 waves to form a nest in blue (1) and (2). After (2) set on August 17 the stock really started to take off in a wave 3 of 3. It is important to understand the psychology of the wave 3 of 3 advance. This is the wave when most traders throw caution to the wind, and start chasing the price action. As a result, causes the wave 3 advance that can be known as the heart of the wave 3. It is when there is no fighting between buyers and sellers, it is when buyers have clear control of the price action. Lets take a look at the RSI and see what it is telling us about how the momentum is acting. [HEADING=3][URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/SPRT-Blog-RSI.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/08/SPRT-Blog-RSI-1024x525.png[/IMG][/URL][/HEADING] As you can see, the RSI has recently exceeded the high from 8/13 peak, this confirms the wave (3) advance. The next stage would be for RSI to exceed the peak from the 3/22 high. I favour this to take place within the next few days. Before peaking, the stock should exhibit signs of momentum divergence before correcting the cycle from 5/19 low. As always we do not like to chase, we only like to look for opportunity in 3, 7 or 11 swing at blue box extreme areas. Source: [URL]https://elliottwave-forecast.com/stock-market/support-com-inc-sprt-heart-wave-3/[/URL] [/QUOTE]
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