649bruno

Will The Stock Market Retest Its Lows? Look At AABA

NASDAQ:AABA   ALTABA INC.
AABA-Altaba-is the stock I sometimes trade as a proxy for-Alibaba.
Above you will notice a harmonic pattern that closely resembles a bearish shark pattern. If I would insert the-S&P-500-Index (and not-AABA) the chart pattern would almost be the same. This strongly suggests a retest of the previous lows.
A traditional bearish pattern in-AABA would have an approximate 50% correction from points C-D, which would be a price of $72.00 to $72.50.
But beware, the selloff to point C was deeper than the selloff to point A. What does this mean?
If the-S&P-500 does a retest of its lows to form a "W" bottom, then-AABA will most likely form a double bottom also.
This would suggest that AABA would fall to $68 to $69 per share.
I am bullish on-AABA, but I would rather buy it at $69 than at current levels.
I think there is a 10% chance of continued upside action, and a 90% chance of-AABA retesting its "W" bottom lows down around $69.
There are 30-DOW-Industrial stocks, correct? Most of them have very similar patterns. To me, this suggests a retest of the recent lows.
In honor of the 30-DOW-stocks, here are 30 market tips for you:
1. Buying a weak stock is like betting on a slow horse. It is foolish. 2. Stocks are only cheap if they are going higher after you buy them.
3. Never trust a person more than the market. People lie, the market does not.
4. Controlling losers is a must; let your winners run out of control.
5. Simplicity in trading demonstrates wisdom. Complexity is the sign of inexperience.
6. Have loyalty to your family, your dog, your team. Have no loyalty to your stocks.
7. Emotional traders want to give the disciplined their money.
8. Trends have counter trends to shake the weak hands out of the market.
9. The market is usually efficient and cannot be beat. Exploit inefficiencies.
10. To beat the market, you must have an edge. 11. Being wrong is a necessary part of trading profitably. Admit when you are wrong.
12. If you do what everyone is doing you will be average, so goes the definition.
13. Information is only valuable if no one knows about it. 14. Lower your risk till you sleep like a baby.
15. There is always a reason why stocks go up or down, we usually only learn the reason when it is too late.
16. Trades that make a lot of intellectual sense are likely to be losers.
17. You do not have to be right more than you are wrong to make money in the market.
18. Don't worry about the trades that you miss, there will always be another.
19. Fear is more powerful than greed and so down trends are sharper than up trends.
20. Analyze the people, not the stock. 21. Trading is a dictator’s game; you cannot trade by committee.
22. The best traders are the ones who do not care about the money.
23. Do not think you are smarter than the market, you are not. 24. For most traders, profits are short term loans from the market.
25. The stock market cannot be predicted; we can only play the probabilities.
26. The farther price is from a linear trend, the more likely it is to correct.
27. Learn from your losses, you paid for them. 28. The market is cruel, it gives the test first and the lesson afterward.
29. Trading is simple but it is not easy. 30. The easiest time to make money is when there is a trend.

May all of your trades go well. Don.



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