Elliott Wave analysis: AMZN and top tech stocks [Video]
|In this comprehensive stock market video report, we delve into the current trading scenario of some of the major NASDAQ-listed stocks, including Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Meta Platforms, Netflix (NFLX), and Alphabet (GOOGL). We employ the Elliott Wave analysis to assess the market's corrective patterns, and with a focus on long trade opportunities, we keep an eye on the NASDAQ's upward trend and healthy market structures.
Market summary:
As we analyze the stock market, we find that corrective patterns are still unfolding, currently at Elliott Wave 4. Notably, we observed a substantial sell-off in Netflix and Tesla stocks, driven by softer sales, and accompanied by increased trading volumes. These developments suggest a potentially larger corrective pattern in the making. However, it is worth noting that despite these corrections, the overall trend for the S&P 500 and the NASDAQ remains upward and robust, indicating healthy market conditions. As we closely monitor the ongoing corrections, we are optimistic about identifying long trade opportunities when the current retracements are complete.
Elliott Wave analysis:
Our Elliott Wave analysis indicates that the Nasdaq 100 is currently in the midst of Wave a) of 4. By comprehensively studying the wave patterns and their corresponding degrees, we gain valuable insights into the stock market's potential direction and the likelihood of favorable trading opportunities.
Trading strategy:
As experienced Elliott Wave analysts, we advise adopting a long trading strategy, but with the caveat of waiting for the current corrective waves to conclude. With a cautious approach, we seek to capitalize on potential growth as the market rebounds from corrections and resumes its upward trajectory.
Conclusion:
In conclusion, this stock market report provides a comprehensive outlook on the trading scenario of major NASDAQ-listed stocks such as AAPL, TSLA, AMZN, NVDA, MSFT, Meta Platforms, NFLX, and GOOGL. Utilizing Elliott Wave analysis, we monitor corrective patterns and market structures, while also identifying potential long trade opportunities in due course. As the NASDAQ trend remains upward, we stay vigilant for promising trading prospects to optimize investment decisions. Stay tuned for further updates on the evolving market trends and potential trade strategies.
Video chapters
00:00 NASDAQ 100 / SPY
05:57 Apple (AAPL)
08:15 Amazon (AMZN)
10:10 NVIDIA (NVDA)
12:34 Meta Platforms (META)
14:14 Netflix (NFLX)
17:34 Alphabet (GOOGL)
19:31 Microsoft MSFT
21:05 Tesla (TSLA)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.