WMT/SPX Entered A Short Term Wave 5 Upcycle Yesterday And FRPT's Wild Ride (FRPT Info Updated, See Paragraph 3)
As expected/discussed in the previous post WMT/SPX entered a short term Wave 5 upcycle yesterday that should exceed the previous Wave 3 cycle highs at 51.44 and 1534.26, see http://stockcharts.com/charts/gallery.html?wmt. Note the bullish large inverse spike at 47.23, and, the large likely breakaway gap to 48.90 today from yesterday's 47.68 close, now a downside gap at 47.68.
FRPT's wild ride in it's short term Wave 2, thanks partly to some "negative tone" articles that don't appear to have any real major negative developments, appears to have bottomed at 20.71 early today versus the monthly cycle low at 20.39, see http://stockcharts.com/charts/gallery.html?frpt. It's not unusual for a short term Wave 2 cycle low to occur relatively close to the monthly cycle low, it's simply the monthly upcycle trendline beginning relatively flat.
FRPT had to fill today's upside gap at 22.69 (it did) before I would consider doubling the number of shares I'm trading. The reason being that, if FRPT didn't fill today's upside gap at 22.69, then it would be a bearish breakaway gap, which would imply that 20.71 might not be the short term Wave 2 cycle low.
Other stocks I may buy today are ACI, AEZ, VPHM, SSO, WMT. Ciao.
....... http://www.JoeFRocks.com/ .
FRPT's wild ride in it's short term Wave 2, thanks partly to some "negative tone" articles that don't appear to have any real major negative developments, appears to have bottomed at 20.71 early today versus the monthly cycle low at 20.39, see http://stockcharts.com/charts/gallery.html?frpt. It's not unusual for a short term Wave 2 cycle low to occur relatively close to the monthly cycle low, it's simply the monthly upcycle trendline beginning relatively flat.
FRPT had to fill today's upside gap at 22.69 (it did) before I would consider doubling the number of shares I'm trading. The reason being that, if FRPT didn't fill today's upside gap at 22.69, then it would be a bearish breakaway gap, which would imply that 20.71 might not be the short term Wave 2 cycle low.
Other stocks I may buy today are ACI, AEZ, VPHM, SSO, WMT. Ciao.
....... http://www.JoeFRocks.com/ .
posted by Joe Ferrazzano at
8:43 AM
