Hello and Welcome to another MCO Update! In this update we are going to take a look at recent calls about the cryptocurrency DOT and the stocks TSLA (Tesla) and DIS (Disney). We are also going to take a look at a small section of a post about trading mindset we shared with our subscribers this week.
A review of recent calls and market updates:
Our Gold members in the crypto service receive daily written short-term market updates about various cryptocurrencies. Our subscribers to the stocks and S&P500 service receive these updates for selected stocks as well as the S&P500 index. Let us take a look at some recent updates and calls:
Recent Top Call - Crypto:
DOT: on September 4th we posted in our private signals channel to Gold members: "DOT: price is currently in a downtrend and believed to be in the fifth wave of a WXY structure.
The fourth wave peaked on 14th July. Current observations suggest a B-wave rally that could possibly be reaching $4.65, but it appears weak for a typical B-wave.
I anticipate another price low, likely falling between the range of $3.46 and $3.97.
A break of the current price channel trend line to the upside might indicate the start of a new uptrend, but for now, another low seems likely, given that price is consolidating below resistance."
More than a month later, we have now arrived in the target range. While the minimum expectations for the correction are complete, we are not going to call a low in place without further evidence. Take a look at the signal as well as chart development below.
The chart that was posted on September 4th, 2023:
The chart today:
Recent Top Call - Stocks:
We have only recently started our stocks and S&P500 service, so price developments since then have been minimal. However, one stock that moved quite a bit is Tesla.
On October 4th we posted on our Discord server, which is accessible to subscribers of the service:
"If prices surpass $278, there's a possibility of breaking the $299 green resistance. However, this wave count would only apply should the $278 level break to the upside. The mentioned targets are moving targets and will be defined more precisely once we get closer. Currently the white wave count is preferred on smaller time frames."
The white wave count, which was and still is our primary scenario, indicated a likely rejection in resistance, which ranged up to $268. This forecast was also further explained in our subscriber video updates. The chart reacted perfectly to the $268 level and is heading into the indicated direction.
The chart posted on Oct 4th:
The chart today:
Another stock that moved in recent days is Disney. On October 3rd we posted:
"Yellow support area is between the 50% and 38.2% retracement levels at $65.78 and $80.34.
Both the Yellow Wave Count and the White Wave Count predict a bounce from this support area.
If the rally is just corrective, then it's in line with the White Wave Count.
Both wave counts are considered equally likely.
The expectation is a bounce in either scenario."
A bounce occurred exactly where it needed to. Compare the charts below!
The chart posted on October 3rd:
The chart today:
The service is still young and the movements obviously fairly limited within the first 2 weeks of the service. However, we will keep tracking those and support you with relevant levels to watch, breakout points and invalidation levels as subscriber to the service.
You can find the link to the new service here:
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The section below has been taken out of our trading mindset post that we posted on Monday. Every Monday we support our subscribers in developing their trading mindset. To access all previous posts, take a look at our memberships.
"The market does not care if you make profits or losses. Avoid trading beyond your predetermined key support levels that you defined before you entered a trade. Trading without gauging risk equates to gambling. Success in trading demands refraining from such recklessness. Do not "hope", instead: manage risk."
Always remember that good analysis does not help you without the right mindset. Traders win through managing risk. Happy trading!