Elliott Wave Plus
Daily Trend Report on the FANG+3 stocks for November 11, 2020
Scroll down to view today’s Trend Charts of the FANG+3 stocks (FB, AAPL, AMZN, NFLX, MSFT, GOOGL, & TSLA)
The stock market was mixed for the third day in a row today. The Dow Jones Industrial Average closed down 23 points (0.08%), the S&P-500 was up 27 points (0.77%), the Nasdaq-100 (NDX) was up 268 points (2.31%), and the Russell 2000 was flat (0.00%). Within the FANG+3 group, all seven stocks were up on the day.
Today we are unveiling a new, simplified trend-following template. Here is what the on-chart key states about the indicators:
– Buy Signal = A green up-pointing triangle under a candle that closes above the blue line. Enter long at the open of the following candle.
– Sell Signal = A red down-pointing triangle above a candle that closes below the blue line. Enter short at the open of the following candle.
– Orange Dot = A breakout (trend-following) signal in the direction of the current trend. Consider adding to your position.
– Blue Line = Suggested Level for the Trailing Stop. Also indicates trend direction. If the blue line is below price, the trend is up. If it above price, trend is down.
– Brown Box = The trend is overextended. Be on alert for a trend reversal. Consider a tighter stop, or closing the position.”
Please remember that trend-following systems do very well in trending markets, which we saw from the stock market from late-March thru early September. But they get stopped out more in sideways markets, which we’ve been seeing ever since then. One of these days, there will be an inevitable return to a trending condition, and when that happens, the trend-following system will do very well. All markets flip from trending to consolidating regularly. So which direction will the next trend be? Up or down? How far will the trend go and how long will it last? Trend following systems simply do not attempt to address those questions. They react to what they see, and assume that a new trending market could resume at any time. A system that DOES attempt to answer those questions would be Elliott Wave and its associated Fibonacci price targets, utilized in conjunction with computer-generated cycle analysis. That is what we do here at ElliottWavePlus.com within our Basic, Pro, and Premium Plans. For example, click here to view a video we made yesterday showing our current Elliott Wave analysis on the Russell 2000.
Here are today’s educational trend-following-system screenshots:
(click on each screenshot to enlarge)
About Elliott Wave Plus
Considering our Elliott Wave & Hurst Cycle analysis in conjunction with indicator-based market monitoring can help traders decide when to get in, get out, or stay on the sidelines. Please check out our resources page for lots of educational content.
Subscriptions: We offer a number of subscription levels. Our unique approach is well worth considering, especially if you’ve never experienced wave labeling and associated Fibonacci price targets, in conjunction with independent Hurst cycle analysis. Here’s more info about subscribing to any of our plans.
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