Dan Scott said:

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AAPL tank!!!!

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Dan Scott said:

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If things get ugly, the time is now. We had a what looks like a blowoff top this morning and now earnings from Big tech which have a lot of weight on the S&P. FB was blah, AMZN, GOOGL, AAPL, MSFT coming up

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The Dan Scott, ladies and gentlemen.

Damn MVIS what a POS. This is another example of going net free and letting your profit slowly fade by holding crappy stocks.

I'm getting in and out going forward after a big move.

Mvis is the perfect example of why you go net free. Tons of risk, competing in an increasingly crowded space, could moon or could never sell a unit and go to 0. Net free should give you the peace of mind to let you hold without caring if it goes to 0, so long as you're guaranteed a seat if the rocket takes off

Red Rover said:

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After you go net free, it's still a trade. If the setup fails or whatever caused you to get in changes, that's the time to get out. I'm bad about taking losses, bit it has to be done.

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FWIW, the bolded part of your post is the most valuable lesson that everyone here should learn, but it's also the hardest. When you do it will separate you from about 95% of everyone in the market and you'll make more money and your account will grow beyond belief.

BREwmaster said:

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anyone else notice this one AMC?

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The top was a full 5 waves up. Which means that what it's been doing since June is a 2nd wave retracement which usually targets 61% but can theoretically get as low as the start of Wave 1 (all time low in this case) as long as it doesn't break that level.

For AMC, the 61% retracement was $28.92 and it got it nearly perfectly on August 5 hitting $28.91. That level also happened to be really close to the 123% of extension of the a-wave (the initial decline from the all time high before correcting upward a little).

So there's an extremely good, and Fibonacci supported chance that the bottom is in for this 2nd wave. But I personally don't like the structure, and everything that has happened since has been corrective in nature which usually signals the potential that we are still in the 2nd wave and likely the b-wave of it which would correct upward. That would make all of the downward action between the ATH and $28.91 the a-b-c action of the larger A wave. The larger B wave looks to have landed between the 50% and 61% retracement of the larger A wave, with the c-wave leg within it hitting the 123% extension of the a-wave within it. So I feel very comfortable that the move up from the $28.91 low is indeed corrective, though I will keep an alternate on the table.



So that leaves us with the larger C wave. And remember, c-waves take the shape of 5 impulsive waves down. Starting at the top of the B wave on September 13th at a price of $52.79, we enter a clearly impulsive downward structure. While this could be an a-wave of a 2nd wave following an impulsive wave 1 up (the bottom is already in scenario), it is much more likely it is the C wave we are waiting on. Our current action would place us somewhere in wave 5 of C to complete our second wave in a not uncommon a=c manner (where they end up at the same general point on the chart. There's another a=c where they cover the same distance which would place this C down near $15 to close a gap way to the downside.. but I don't see that kind of tanking in the books).

Here's a zoomed in view of our C wave.



And if I draw on my chart.. I believe this is what the cool kids call "flagging" amirite?



As a reminder, there is a chance we've already bottomed and we're in a weird shaped retracement of the first leg up from the low. I would NOT bet on the downside at this point. Too much weird action in the overall market. And as Avi Gilburt always says.. predicting a corrective wave is like throwing jello for distance. Love that saying.

Remember when I said a month or two ago AMZN could potentially fall to 2600 or so if it lost the neckline of 3185 or so?

Their abysmal earnings report may be just the catalyst for that to happen over next week or two. I'm shocked the SPY is only down marginally in PM trading, but I bet the hurt will be on once the bell rings.

Another busy day in surgery for me today, so I'll just read about the carnage when my day is over.

GL today everyone. It's Lotto Friday…..buy a scratch off.