Market outlook
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Bullish Trend Continuation: Any downward movements are viewed as part of a bullish corrective pattern within the overarching uptrend of the U.S. markets.
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Trading Strategy Update: We are postponing short-term trades until after the U.S. elections. With 622 earnings reports expected today and the Federal Reserve meeting on November 7th, this week promises significant market activity.
Elliott Wave analysis of NASDAQ tech stocks
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S&P 500 (SPX): Currently in Wave 4 with three bullish wave counts under consideration.
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NASDAQ 100 (NDX): Progressing through Wave 4.
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Apple (AAPL): Entered Wave (2).
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Amazon (AMZN): In Wave iv) of 5 of (1).
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NVIDIA (NVDA): Advancing in Wave 1 of (5).
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Meta Platforms (META): Nearing completion of Wave 4.
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Netflix (NFLX): Completed a Wave 4 Triangle pattern.
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Alphabet (GOOGL): Currently in Wave 4.
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Microsoft (MSFT): Holding at 400 support, in Wave A of (2).
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Tesla (TSLA): Moving through Wave 4 of (1).
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Bitcoin (BTC): In Wave 4.
Note: This analysis leverages Elliott Wave theory to interpret market trends and forecast future price movements. Investors should consider these insights alongside other factors when making trading decisions.
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
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