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MSFT Weekly Chart QQQ Daily Chart Enjoy your weekend, Yates Craig, RLT & TPP Market Analyst Disclosu
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[Image] Good morning ! Welcome to another installment of Market Milestones where we deliver the market updates you crave every single Friday morning. This Friday is Good Friday and it is the only Friday in 2023 on which the market is closed. Make use of this downtime to grow further into your purpose and get even closer to becoming the person you were created to be. Todayâs topic is waves. Get stoked to catch some gnarly market waves and ride them directly in the shores of Profit Town. We are about to hang ten with Elliot and drop into some trades with expert precision, or we are going to wipe out. One thing is certain, if I continue trying to make this whole email a surfing analogy, I might end up being a Barney, a kook, or worse yet, a poser. So, let's cut the surf-speak and get down to business. The reason wave patterns are on my mind today is because of the QQQ and MSFT. If you recall from last weekâs episode, we talked about how MSFT is almost 13% of the QQQ, which is a large amount, enough to move the market. MSFT's chart looks to be finishing what is called a âLeading Diagonal.â A diagonal typically looks like a wedge or a channel. It has overlapping waves and is not as clean and simple as an impulse wave. As you can see in the graphic below, a leading diagonal can be the 1st wave of a 5-wave pattern or the A wave of a corrective pattern. Why is this exciting you might ask? Itâs exciting because if we are right, which is far from a certainty, wave 2 or wave B is coming up soon. [Image] This could lead to a great buying opportunity on a number of stocks, but MSFT is at the top of that list. MSFT has the 100DSMA and 200DSMA about to cross back in the bullish direction. They also happen to be right at the 50% retracement of this leading diagonal. The weekly chart has an enormous bullish candle that bounced right off of the lower trend line. We know that the open of large bull candles can act as support so the break of that candle and the trend line could be a protection trigger. MSFT is also at the forefront of the AI movement which is all the hype these days. For all you know I am a robot created by MSFT to talk about MSFT, so that everyone will buy MSFT, so that MSFT can invest more into AI, so they can make more money and therefore make more AI, until eventually we can take over and enslâ¦I mean create peace and harmony on earth for all. The cool part about this analysis is that it can be replicated on QQQ, GOOGL, AMD and many other stocks right now. It also helps us know the key levels to keep our eye on because if they get broken, we are wrong and something else is playing out. Itâs all about risk reward and finding set ups where you can win more than you can lose. MSFT Daily Chart [Image]( MSFT Weekly Chart [Image]( QQQ Daily Chart [Image]( Enjoy your weekend, Yates Craig, RLT & TPP Market Analyst Disclosure: You are responsible for your own trading decisions. ALWAYS, do your own research before investing in any of the above securities. This is not a solicitation to buy/sell ETFs or securities. NEVER invest money in ETFs or stocks that you can't afford to lose. You can lose all of your capital by trading any securities mentioned. These ETFs/securities are very volatile and gain and lose value quickly. We reserve the right to freely trade in any mentioned ETFs or securities. We are not compensated by any mentioned companies. We trade ETFs and securities based on our opinion of intrinsic/possible future value only. We are not registered investment advisors, so always do your own research before buying any securities. Unable to view? Read it [online]( If you no longer wish to receive mail from us, you can [unsubscribe](
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