Ultra Wealth 3 14 2024

Wonderful team. So, as we all know, hopping into just reviewing broader market stuff, what we're going to do today, as I mentioned every time, is we're going to kind of go back and look at a little bit about what we discussed on from Monday, and we'll talk a little bit about the Elliott Wave principle kind of continuing this whole month. That's really going to be our main focus, is just dialing in and mastering in that practice of the Elliott Wave. And just so that each one of us here can kind of build our plan, build our foundation, know what it is that we're looking at, why we're looking at it, kind of get that understanding, and then from there, right, we start building our trade, and we start building, hey, this is what we're looking for, and this is why we're going to take the trade. We're going to do that for, you know, 15 to 30 minutes or so, and then we will review the markets while they're open just to see if there's any trades that you have questions about, anything that you want to review. I know Jeremy is interested to see my Tesla trades. I'll share that with you in just a little bit, J. Bones, because it was a delightful move.

Yeah, you're, like, crushed. It crushed. Oh, no. Chart. I was like, where's this magical chart?

Just.

Just.

I show a line chart. I just. I just send a Yahoo Finance. Yeah. Yep. I'll be sharing that with you. I just knew we were going to hop on today, so it's going to be good. Hey, Miss Sue.

Hey there, guys. How are you?

Perfect. Doing perfect. Now, here's. Here's the really cool part about, you know, having. Having this class together. The really, really awesome part about having this class together is that we are learning from each other, obviously. And Sue's count has helped me so much in Tesla because you posted a perfect wave count. Right, sue, if you. Do you remember.

Yeah, yeah, yeah. That's so crazy.

And do you remember how I was like, man, I don't like this count and. But it was the same one that I had. And then when you did it. I'll go ahead and share it so that Eric and see what we're talking about. And for everyone else who's here, we'll pull up that group. Give me three seconds. Ultra wild. We're gonna scroll back up.

I am so hooked on Elliott Waves. It's crazy, but some of them the same thing. I don't like the count because I kind of want it to go the other way.

Well, isn't that cool, though.

Yeah, yeah, for sure.

I agree. We'll do the. We'll do it. And don't worry, Jeremy, we're not going to talk about Silva. You paid your. You paid your pensions. It's all right. All right. That was awesome, by the way.

We didn't really see him do the push ups, but, you know.

Oh, dude. Dude's calling you out, man.

Hey, I can't do any, so I'm not saying anything. Jeremy.

I know. I hear you. All right, tracking down this Tesla, there's Jeff. I think we're getting close. I tried to have this beforehand, but it went back to the bottom for some reason. Sue, if you find it before I do, let me know too, because you might have. You might already have it. Okay, there it is right there. All right. Okay, we're gonna go look at the weekly and then the monthly.

I think you're.

Wait.

I think that's Joe's, though.

Oh, is this Joe's?

Yeah, Joe did that. I did Google.

Okay, gotcha. There was definitely a wave count on Tesla. That was spot on, though. Monthly in blue. Yes. Okay, so I remember. So you're. I'm close to here. So this is where Joe was looking. I was like, I sure hope so. Like, I hope this. I hope this is what happens. And then there's definitely another one in here that. That gave me the other perspective. But I'll still. I'll still talk about yours, Joe, because this was really, really, really, really valid too. I can't find it right now. I'll come back to it. Okay. Let me just study Joe's here for a second. So this is a really, really interesting perspective because when we're talking about Elliott Wave and Garrett, you and I will again, we'll have a session just to get nice and caught up on Elliot's and all this, all the. All the counts and stuff. But what do you. And what's your takeaway, Joe, from this particular account relative again to what Tesla's doing today in, like, the last couple days or weeks?

That's wrong.

It is not exactly correct. That's fair.

It's fair.

But how. How would you have known that? Slash. When would you have known that?

When it went further down on the four, we kind of thought that was kind of where it needed to sustain. So once it broke through that. So that must be some sort of ABC instead.

Yep, exactly. So imagine if we have a level here and we. We go. Okay, cool. This is wave four. And here's. Here's our support. And when we looked at this. So we talked about this rule, right, Joe, Last time we really last. Last discussion where we had this count. And we all know that wave four can't or shouldn't really go too far past the top of wave one. Right, team? That's one of the rules. Now, if it's getting like a couple of pennies or something, maybe, maybe you can throw in some lower shadows. And it can kind of depend on exactly what the top of wave one is. And so this was really. I was like, maybe this is on the verge of, like, this is definitely, definitely a possibility. But it's in a gray zone because this is the high of wave one. That means that all of this is wave two, and then wave four is going inside of wave two. So that means it wouldn't be the absolute best count ever. But now here comes the cool part. The cool part when we're doing our wave count is as. She has the wave 5 down, and wave 5 down meets all the rules and the criteria and all that fun stuff. Then you have A, B, C, and then 1, 2, and this could either be a 3, 4, 5, or it could be a 1, 2. All this is a 3 or 5, one of those two components. But from the looks of it, as Joe mentioned, you had this way for. And we talked about really, on Monday, that Tesla could not slash. Should not go any lower. And if we come back to Tesla just to look at the wave counts and just kind of continually practicing this. If we're looking at this pattern. Fam. Do you remember Monday hadn't formed yet. Totally. But what chart pattern, slash, candle pattern, came in on Monday on Tesla? So again, this is the daily chart. We're looking at Tesla. We're doing the analysis. What chart, pattern, slash, candle pattern do we have here?

An inside day?

Almost. Almost an inside day.

Almost.

Yep.

Oh, I got one a little high there.

What else?

That's a new white soldier.

No, upside down hammer. Inverted hammer. That is true. But those back to back. What do they make? These two candles are actually a tweezer bottom.

All right.

Yeah. So this is crazy. The low of these candles are identical. So. Sorry. Point to the wrong ones. Right there. Remember us talking?

That's why we didn't get it.

I know. That is true. No, it's true. I was pointing to the wrong ones. I'm sorry. Yeah. So do you guys remember when we're talking about this on Monday? Right. We talked about the. The strength of these tweezer bottoms? And we mentioned that those tweezer bottoms, I was like, if this is a big wave four, according to Joe's drawing, we can't go any lower. And since we have a tweezer bottom and. And by the way, team, what's amazing about this, this particular session that we're having now is this rule will last forever. When you're dealing with a tweezer bottom, it should never break below the low. That candle, especially very quickly. Those are very, very, very strong reversal patterns, and they're incredibly rare. A perfect tweezer. I mean, the low of these two candles on Tesla is the same to the penny. You get a bear candle followed by a bull candle. 170. 73, 173.70. So all of the. I mean, that takes millions and millions and millions of dollars to stop Tesla to the same penny twice. And it held. And it held. Like Scott said, this was a shoot, you know, upside down hammer, right? Shooting star, a lot of selling pressure. And then that was. That was Monday. So on Tuesday, we poke our head below that low. That's already a big deal. When this, when this candle happened, I went ahead and I took some bearish positions. There's one other reason why, other than the tweezer that we also discussed, who can tell me what it was? Answer is first bull candle closing. First bull candle closing below the 10. Second bull candle closing below the 10. So you had not only one bull candle closing below the 10 e mail, which is just really a momentum signal that you have a second bull candle closing below the 10 EMA. So we. We poke our head below here so we get some weakness.

Jeremy, as I say, and that. Because that first bull candle was like a little bit extended off the 10.

Yep.

And the second one, the 10 caught up to it a little bit. A little bit tighter.

Yeah.

Agreed. So if you look at this, this is not really that optimal of a 10 EMA, right? It's really not. You're like, ah, it's a little. It's a little far away. And then, you know, whatever. And then you get this candle and look how the 10 gets really nice and snug. Right? We're coming down. We're really adding pressure here. So when we get this, like, I. I actually thought I was gonna get stopped out of my of. Of my bear position on this. On this. I was like, okay, maybe we. Maybe we bounced through here. And that was a gnarly trap. I was like, I had to play it because we were below the tweezer bottom. And then. And then we get this. Now here's the best news and we talked about this. This is now going back to week two. So you guys can't rely on Garrett. We have a perfect hammer at a really beautiful support. And then what happened? Broke it. How quick? One day. Immediately. That's right, immediately. So, Ms. Sue, what's the sentiment there that we talked about? Week two, you get a strong hander. Hammer. Hammer. And not, not a week from now, the next candle closes below that hammer. How's everyone feeling? First strategy, like, yeah, scared. Yeah, scared, panic, terrified, frustrated, upset. All the things. So this candle here, number one, we have compression. You have two bull candles closing below the 10. You have a perfect tweezer bottom. And depending on how you're doing, account, you have a potential huge wave. Four, which says that we need to. We slash, we must bounce. If you're ever wondering if something is going to break below of a support or above a resistance, what do you want to wait for? You want to wait for close candle close. Yep, the candle close. The closing is like the auction. That's like the gavel being hit. Right? The gavel being hit. This says, hey, this has happened. This is now finite. This has now occurred. And here's what's super nifty about that. When this candle closes below here, this is full on unquestionable. Don't even hesitate. Can't think twice about it. Get into a bear position to at least do to protect yourself somehow. Now, I know you all know the answer to this, but just for simplicity's sake, can you have long shares of Tesla and still protect your downside? Yes or yes?

Yes.

Okay. If you have 20 shares of Tesla because you're building an account in your long term, you know, investing, IRA or whatever, can you still protect your downside? Yes or yes? The answer is still yes. Yep. So you have two choices, right? You can either short shares. I'm just going over this just as a nice reminder. You can either short shares or you can. What's another instrument that goes up if the stock goes down? Buy a put, buy a put. That's it. Garrett, well done. So, again, so if. If you have shares, you can go, all right, cool. I'm gonna buy a put, protect myself. Can you buy one? Can you buy two? Can you buy three? Like you can. It's up to you. That number. That number just comes down to risk. Comes down to risk certainty. Good question. So the ratio for me generally, generally is there's some level of how many shares I own. And if, depending on how many shares, it's going to be something in that Range, if I own 0 to 100, I'm going to buy at least one contract and then I will buy one contract if I'm protect, if I'm trying to protect my position per 100 shares. So I have 2,222 shares of Tesla exactly as of right, right now. So I had to buy 20 contracts on the close of that day. Now this protection, would you.

I'm sorry to interrupt, but would you potentially buy more contracts and, and hold your shares to, to get a lower potential position or.

Yes. Or is that too much of a risk?

Is that too much of a risk?

It's really not because ultimately what, what I do and what I did today is I, I still day traded it. Bearish.

I see.

So yeah, exactly. So I'm still buying other puts and then I'm just day trading. I'm, I'm playing that position just for a protection sample. Yeah, great question. And I'll show you the trade. Just a moment, just so we can kind of see it. But this was, this is a really, really, really beautiful again practice of whatever trades we're in, whatever positions we're in as we're studying them and we continue to come up with case study after case study after case study of what's there and what's available. This is a beautiful one because this really, really to me became extremely apparent once you had that tweezer bottom and bull candle closing below the 10. Then once you got the second bull candle closing below the 10. Okay, the, the bear trade is ready. Like it's like, let's go. And then we poked. So you're getting triggered on that day, most likely. And if you're not getting triggered in on that day, you're definitely, you're definitely getting traded on this day or you're at least not going bullish or at least aggressively bullish. Right. When I say aggressively bullish, could you buy four more shares there because you want to add to your position? Sure. You're just not like you're not calling the bank and getting a loan for call options. You're not doing anything overly aggressive because you were in a downtrend. We know that Tesla eventually will recover. So this particular candle just good close. And then today we opened below the low of yesterday. So we practice gaps all February Massu. What type of gap is that?

Bearish Retest gap.

That's it. And did we retest Ms. Sue? Yes or yes.

Yep.

So here's the cool part. So we pop into a three minute chart. You're gonna love it. Jeremy, here it comes. I wish I was cool, but I'm not. Here goes. We have two what I think was important candles. This one pre market and this one. This right here in red is the retest that you're looking for. Now if I was an absolute gangster like Jeff, but I'm not. I'm not against like Jeff. If I was cool, I would have bought puts at the retest of yesterday's low or shorted shares. But since I'm long shared, I usually just buy. I just buy puts. So if I was a real, if I was really cool, I would have done that. But I'm not. So I waited for a Tennyma candle and I family. I haven't seen a gift like this in a long time. Look at this. Walk me through what must see in Sosa. What's, what's interesting about this.

Rejecting off the low of that pre market candle.

What else?

Five bear candles.

Yep, five bear candles in a row. Talk to me about this bull candle. What's interesting about it?

Lots of volume.

Yeah, that's it. That's it. Lots of volume. How much volume?

More than the opening candle.

Yup. Which says, what if that breaks? It's going, that's it girl. That's it. We're done. This is the easiest trade. Good thing we talked about volume the whole last week of February. Now again, this is just a trade. But worry if you missed it. It's all good Thursday. Will this happen again next week? And the week after and the week after? Yes, there will always be opportunities. Now do we already know the trend on Tesla? Unfortunately, yes. We know the trend's down. The trend's down. But if we take out all of this volume, those bulls are toast. And they're also gluten. It's gluten free toast. So we take this out, it's game over. You got to short it. I did shorted below there. So I'm in bearish. And then it was retesting the low of this candle and the low of this candle. So I added just a little bit, nothing crazy, lowered the stop loss, walked away, went to hot yoga and boom.

Nice.

Now we've kept going lower. That's fine. But I'm going to use the profit from this trade, which really wasn't that bad. That was. That was 15k, right? 15,000 some change. I'm going to use that to buy some more. To buy. To rebuy my shares of Tesla at 150. That's the next level that I'll be buying is right at 150. Which if we're wondering why that level. I know we talked about gaps all of February. This is a retest gap. Now, is it going to go lower than 150, Scott? Oh, sorry. Yep. Because you never buy the low of any liquid instrument ever. Even if it goes to 14999. Like it's going to go a little bit lower than that ultimately. I mean, I don't know how low it's going to go. I never know anything for sure. But dang. This hundred on a, on us, I will sell, I'll start selling some kidneys.

It goes down to 118.

Yeah. If anybody has extra kidneys that they want to lent me cats, you come to my house. There's no tv, there's no couch.

Keep your kids.

That's right. Now again, we all kind of know this and I'm still looking for Sue's flipping chart because it was just like a death. Her count was a death count on Tesla. So if you can find it, suit, let me know.

Okay.

But this is also, I mean, we, we talked about this in pretty in depth. Like that was. That was a double top. Well, the neckline retested. Absolutely need to hold that level. And it didn't the day it was last two days. So 150 and then, you know, net worth at 118 and we see what happens. But the good news is that's our current plan on Tesla. That's what we can, we can plan that ahead of time. And again, you always, in case you're wondering and you feel like a big dodo bird back there, you always feel dumb when you're buying a stock as it's going down. I want you to know that always and forever doesn't matter if it's A and D. Yeah. It doesn't matter if it's amd, if it's Google. Jeff, how'd you feel when you were buying Google? Right. And it dropped down to the 200 something moving average and it was pulling down. You felt like a dodo bird. Oh, you're muted.

Because of the Elliott wave thing and everything. I bought like right down there.

Beautiful. Was it scary?

Yeah, because I was worried it was going to break below.

Sure.

See, I still, I'm still not completely comfortable with the caller and the stuff like that. So I haven't messed with that yet. And I'm looking forward to next month to learn that because it just doesn't look right to me. I don't. I understand what, I understand the principle of it and how it works, but I haven't, like, seen it live on my screen yet. And Google's an expensive stock to do that was. I want to kind of do it with a cheaper stock.

Sure. Well, we can. We can do it together. Whenever you want, man. I mean, this is. This one's. This one's prime time to do it now. Ishell a call somewhere over here and buy a. Put somewhere above where you bought the stock. Yeah.

Yeah. We can talk later.

Yeah. Google, Beautiful bounce. Great job buying off the 200 using an Elliott wave count is Google right? All good. So back to the Elliott wave principle. So Jeremy was doing account on Monday, and he had account as 1, 2, I think 3, 4, and 5, something like that. And then at the end of wave five, he would have started buying. That was his count, which is. Which is fine. All good. No big deal. I think he had a count of like, 1, 2, 3, 4, 5, also something like that. But his count, his perspective was, this is going to go lower, and then I. And then I'll buy it as it goes down. And so when you have a perspective, when do you start to know again, based on your rules, when do you start to know that you're wrong? And again, the answer is always probably wave two. If you have a wave like this and you're thinking it's going to do this, you can't really go too far above that wave on wave four. So not that he has to do anything on that trade, but two or three days ago, he can go, all right, well, it looks like I missed it. Now, here's the best part. The best part of this whole Elliott wave principle and. And stock market in general family, if you have a wave count like this, and this is your expectation, and then you're going to buy a bunch at 120, and it never gets down there and just starts ripping face and you miss a trade, what happens, Garrett? You miss this trade, you're broke, right? Yeah. All your money's gone.

Look for a different setup.

That's it. So the thing is, you are going to be wrong. You're going to do an Elliott wave count that is not going to be correct. And you will miss a trade. Absolutely. That's a guarantee. So it's okay. What will. What will happen, though, is if you do a count and the trade plays into your account and you don't do anything about it, don't do the wave count. Don't do anything, actually, because you got to start working on, this is my plan. This is what I see. Does What I see, is it valid based on the rules? Just like a lot of math and geometry. I'm helping my 14 year old right now. A lot of math, geometry. If anybody wants to come down and help me with that, that'd be awesome. He has a C in math and it's pretty much my fault because I'm not helping at all. But the cool part about some of the geometry that he's learning is that a lot of geometry has specific rules. It's like, okay, this has to be true all the time. So a right triangle has to have a 90 degree triangle. Or so I've been told. And so you start looking at certain shapes, you're like, okay, well, this has to be this versus what has to be this. Because this is the rules. So if you ever create a parameter where your rules are correct. Beautiful. And if you create it where it's not correct, then you definitely know it's not correct because there's no rules. But if you create it and the rules are correct, you see what you see and everything is valid. Play it. And so I just want to say, Jeff, great job, man, for buying down here, because that was your account and yeah, we always have fear that it could go lower and it could have, but you also said if it went lower, I'm a buy a lot more. But you're making money off the bounce. Killer job, man. Great work. Okay, let's go do a wave count. I'm going to have. You guys are also good accounts. Eric, are you buy a chart yet? You give me this excuse that you're not.

No, I just got my Apple computer yesterday.

Oh, he's firing it up. All right, so here's the trigger question. You said you were gonna buy Apple when you said you're gonna buy Apple stock. When you bought your computer, did you cause this? Eric, was that you?

And to set it up.

That caused that jump?

Yeah, it did.

I'm just.

All right, good. I'm glad to know that was you. That was the day that Eric said he's gonna be buying some shares after he bought his Apple computer.

Actually. Actually, I didn't buy any that day. I don't. That was a few. That was a week ago, wasn't it?

Yeah.

Nope, I did not. I did buy some Google, though, when it hit that bottom. I try, but not any Apple.

All right, let's go look at Shopify because Shopify is building some really cool pressure here. Family. I know Eric's in Shopify and there's a few other people that have good Trade. Shopify. So what do we have here? This building on Shop. So let's do. I'm gonna have sue share her screen. She's our formidable wave counter. We're just gonna call sue if we need to make money. Okay, everyone, that's scary Sue, I'm gonna have you start from October 22, and we're all about to make money off of you, so enjoy.

Okay. All right, let me find my screen.

Jeff's already counting it over there. I like it. Dude, I'm so happy you love this stuff, man. I'm so happy you guys love this. It's just the best.

You kind of get hooked on it after you see it working, Right?

I agree.

Okay. Did it share?

Not yet.

Okay, here we go. Okay, this is the Tesla that I found, but I don't think it's the right one.

It's about to load.

I don't see anything.

You don't see anything?

No, it says. There you go.

There it is.

Okay, I see it now.

Yeah.

So that was the daily, but I don't think that's the same one.

No, that wasn't the same one.

I think it was Google.

Yeah, you had to count that like a wave. 5. Anyway, it's all good.

Okay, where do you want me to go?

Shopify?

Okay.

You already have that on your screen.

No, I just did it.

Just time travel. Yeah, I did. I was messing with you.

Okay.

This looks so good.

It's scaring me. Okay. All right. I mean, so it looks like this could be going down, correct? 1, 2, 3, inside of 5. 1, 2, 3, 4, 5 inside of 3.

Beautiful. Now, really quick, while we're here, I like this perspective a lot. Can you find an ABC inside of the current wave that we have now? Also inside all the movement that we.

Have presently inside of this one?

Yep.

A, B, C in this one. But I don't know about this. Let's see.

Oh, so for example, let's say, like, let's say this is A and this was B.

Yeah.

All right. So if that's the case, because this. This is where it gets fun. So that's the case. And this is a one. All this is a two. This could be a three way. Now, in order for that to happen, we have to break above this high. And here's the cool part is if we break above that high, then that's also going to invalidate Sue's B count. It would mean that her B probably has to be a little bit higher, maybe trip into resistance. But it can't. But we Know that it can't be higher than here. So that means that if this is A, which is valid, if this is really B, just fine. It cannot go higher than here. So here's. This is all real time, right? Real time. We're looking at a potential 1, 2. If we break above here, all of this is a potential B, which means we could still be trading it bullish and we could sell there if we wanted to. And if it breaks lower, then we're like, all right, sweet. Now we know what our plan is. But then if, if, if it breaks higher than the A high and you have 1, 2, 3, and you're going to plan your 4, and then you're going to put your 5 on.

And.

Those are the only two outcomes that can happen. What you think.

Should have moved it. It's. It's like everything else. You have to kind of wait for that confirmation, set your alerts, and see where it goes.

That's it. Precisely. And you just kind of create your plan. And based on whatever it is that you want Shopify to do or not to do, you start creating that level. So, you know, if it breaks above here, you're like, okay, cool, we should hold out pretty well. And if we don't and we start kind of meandering lower, we have a little bit of A support here. It's like if we start taking this out, then we're going to expect some level of a C retracement. And then we use all of our moving averages that we went over in month one, the 100, 200, daily, weekly, monthly, and we build a case from there and we go, okay, if that's really going to happen, where do I buy this C wave down? Because if the C wave down happens, then what should come up after that, Miss Sue?

One.

That's right.

Going up.

Exactly. Then you get that 1, 2, 3, 4, 5.

I know, I'm looking for shave bottom candles, also with big volume.

So, yeah, like a rap song is about to start. All right, 1, 2, 3. Nope, that count doesn't work. So it would be a little bit smaller. 1, 2, 3, 4, 5.

Yeah, that works.

Yeah, I dig it. I think this is. I think this is spot on. We're pretty much at that location of determination on Shopify right now. Family, which I know Eric's excited about. Eric has a share or two of Shop.

I might have to get a share or two of Shop. I haven't been looking at that.

I am basically at break even with my shop right now. If it goes lower, then it's going down, but if it goes above a guy could just keep it and it's going to ride it up. But if it's.

If we're.

If what's drawn on the chart right there, I could just get out at my break even and just let the thing go down.

Yep.

That right.

Yep, Exactly. Okay.

There's a gap right there too.

Mm.

Cool. Deal. I like it. All right, let's do Ms. Joe. Mr. What wave count do you want to practice on? What stock do you want to practice these counts on? What are we crushing?

I'm not sure. My. I don't think my computer is cooperating today. It's being very laggy, so.

Okay.

I can't screen share. I don't think today. Sorry.

Oh, good. I know the feeling. I was having that a lot last week. Everybody. I felt like everyone. All of us were.

Is Eric the only one that got a new computer?

Yeah, he's. He's the only rich person here. We're all too poor.

We're still. We're still waiting for the group bundle.

That's right. Y. That is exactly correct. Okay.

Jeremy, if have somebody do like. I think it's a. A A. Is it Alcoa? Alcoa, Yeah. I mean, it's looking pretty good.

Alcohol's been all kinds of fun. Let. I'll do Alcoa to show you all what my account was and I'll show where I'm wrong or where I was wrong and where I'm excited about it. I'll share my screen on Alcoa because this is a talk I'm pretty bullish on this year. They're talking about missing opportunities. I haven't fully missed it yet. This. This is really just like a rotation. It was a little bit less of a wave count necessarily, but I was kind of looking at this and thinking to myself, I was like, okay, we have this, we have this, we have this, we have this. And that in that. That was. That was kind of my thinking, essentially. And then, you know, it looks like this. This is probably more the reality what currently is. But you see on the screen the little squiggles, right? So I. I anticipated the breakdown, the retest of the 100, the failure, which we got. The retest, which we got, and then the breakdown. Now that's technically, theoretically could still happen based on this really ugly drawing that I have, which makes this spot really, really fun. And then I'm going to start zooming out and looking at bigger pictures because I actually think Alcoa is at a Pretty good buy spot. Big picture, big picture talk. So I'm going to go through the whole alcoa chart with you in just a moment. But I'm watching very closely for a close above here, which is a close above 3,136 because that would be a close above this current consolidation. And this little pivot right there it be above the 200. Now I'm going to pop out to a weekly chart. And the weekly chart has a pretty nice wave count. You probably already can see it. I will. Right. As always, I'm starting from the wave three. So I'm like, okay, there's some type of three right in here. So 1, 2, 3, 3, 4, 5, something like that makes sense. And then you can get relatively easily your A, B, C pattern now that it's. Now that it's there. And on a 1, 2, 3, 4, 5, if that's truly down, then you have to get the 1, 2, 3 makes a new low consolidation to the 204, 5, which if that's the case and this is what's fun. So where it's going to get interesting, we're in a bear trend. So that means that we should get an a B and a C. I don't know what those are. Get out of here. You're fake. There's. There's never more than one of you. All right, so essentially that. Now again, this is the weekly chart. So I can see that the long to moving averages are right there. Right. So that would be, that would be a spot where like okay, I can trim some position off the table. Now if that's the end of the wave C, then we should just fail there and just go right back down into a 1, 2, 3, 4, 5. And we go all the way down to 17 and you know, C. All right, here's the monthly chart. The monthly chart's a little bit of a harder wave count because there's not a whole lot there. It kind of does look like just a one big straight up movement. And so when you get crazy, crazy, crazy moves like this, it does become a little bit more challenging, for sure. No question about it. But really, I mean you're going to start from something like this because this is the unfortunate news is you start looking at monthly charts like this could all be a one, two, all that's a three, huge four. This is a five because it does go lower. And that's really. And that was a dramatic time anyway because that was Covid and you have this really, really, really insane pop which is countable there's definitely a count in there. And if that count is accurate. Again, just kind of theorizing here for a second. If I zoom into Alcoa and we look at something like 1, 2, 3, 4, 5, we should just get some level of ABC and then you got a 1, 2. Obviously that's not going to work. So you go, all right, cool. So this is a 1, 2, 3, 4, 5 down and you get an ABC. Should have of that ABC. Nope. So we're going to have 1, 2, 3, 4, 5 and it be a small way 5. Now what's cool about this count is it does what it coincides with the ABC that we have on the weekly chart. Remember, the target would be the exact same, which is the 100200 on the monthly. So the 100200 on the monthly are the same as 100200 on a weekly. And that would be a spot where you could either short buy puts, get into a bear cost spread, talk about all account the option stuff next month, but there's all kinds of things that you could do there. And if I zoom into the weekly chart and turn the drawings back on, this was the drawing on a monthly chart. Just pretend that we're still there. So that upward green line would be that wave C that I have drawn. And if that is correct, right. If we have a 1, 2, 3, 4, 5 and wave 5 is just small, that wave 5 would bring us down to this, which coincides with the wave count that I just did here. Yes or yes?

Yep, yep.

So that means on Alcoa I'll be trading it bullish. And I'm gonna trade it bullish into here and then I'm gonna go bearish. And if that doesn't work and my wave count is off for whatever reason, which is possible, and we do this and I get stopped out of my bear, then what wave do we have? It's a four and it's a five. Because that's the only way it can work from there. Those are the only ways those rules will structure. That will start to be the reversal of this humongous bear downturn. That's happening because we're posting a strong 1, 2, 3, 4, 5 instead of an ABC reversal.

That's what I have drawn. What you have right there, that's what I drew.

So and if you spend 10 minutes on this, we can do all this work. And then if you want to go pull a Garrett and study Alcoa for two weeks and try to find some fundamental reasons why this could move or some infrastructure reasons or some Senate or Congress. Like you could, like, you could do that work if you want to, and you can start building a bigger. A bigger base of. Okay, you know, your if then statements. So I'll pause there. Any questions before we go? Look at all of your trades that you may or may not be in.

Yeah, so on the weekly there I see a double bottom with that indecision candle being like the neckline at like 34.91.

Yep.

So that's what I have drawn.

Totally.

And yeah, we could definitely trade it up into the 200.

Absolutely. And again, if that's the neckline, that'll. That'll just be. Do we do this and then. And have a way four, which is a neckline retest or do we get the orange drawing that I have and it'll be one of those. But you can. We can play whichever one we want and see what happens.

Okay.

Yeah.

So just, just so I have it summarized in my head. Right. Hopefully. So ABCs generally only happen when you're staying with the same trend. If it breaks it, then it turns into a 1 through 5.

Correct.

And reverses.

Correct.

Okay.

And once it reverses the end of a wave, five is the ABC. And then it should continue with a 1, 2, 3, 4, 5, 5 in that trend. And if it doesn't, then it's going to reverse the trend again.

Okay, thank you.

Yep. And the reason I'm bringing all that up is because all these all. You know, there's rules in these. And that's, that's the cool part is like once you start structuring the rules, you have a really good time with it. All right, so for 15 minutes before market close, I'll go down the box of faces. Jeremy, you're the first box that I know is in a trade. And then Garrett. Siv. Silv, walk me through it. What'd you do on it after we all the push ups? Anything?

I was tempted to play that hammer, but I got in on mrsn, which I just stopped out on today, so I didn't. I didn't play that sl. Silv.

Gotcha, gotcha, gotcha. All right, anything else that you're in or anything else you're looking at?

I'm just scouting right now.

All right, let the scans begin. Make sure you just give us another one like this. Dude, I know you'll take it.

Yeah, of course. Yep.

Give us another layup. All right, Garrett, welcome to the party. Is there any trades or positions that you're in that you Want to review or anything that's looking good to you that you want to get in? Oh, you're muted. Somehow.

I got out of about everything. I've got some. Some long. Just a few long calls on AAP and Navita and Beam, and I don't know that any of them really make a lot of sense. I don't have the. The justification that. That you guys are. Are looking for. I'm looking at foot call positions and, you know, like gamma points, the. The. With expirations that I'm playing very kind of short term, so I don't know that my. My positions are worth anyone's time at this point there.

Well, I mean, I don't have it.

The good news is my total exposure in. In all my trades right now is probably like less than $10,000 total. So it's not. It's nothing.

Oh, good, man. Well, the good news is, you know, next month we get into options. We'll. We'll nerd out, and it'll be a. It'll be a fun time for everyone who wants to get their brain hurt. Just.

Jeff, I found this. I found this neat little stock that I've been day trading and making a couple hundred dollars every now and then on. It's called cnm. It's on a big uptrend. It's not expensive. It seems like it's a decent stock, but it's something you could put sizable shares in. But if you look, it's. It's on a continuous climb. Reminds me kind of what Nvidia was doing or is doing, but it's a lot cheaper.

Yeah. Cool, man. Love it. And it has earnings right around the corners. Let's put down the list, bro.

Yeah.

Is it Friday?

Tomorrow's earnings?

Yeah.

Right around.

No, it's next Tuesday. Next Tuesday.

Okay, we'll start watching, man. Because. Yeah. What I would love. So here's. So here's a good one to. Here's a good one to discuss. Like, let's. Let's Hypothetically, Jeff, since you're practicing so that you bought some of this stock at 44 and you were still in it at 50, what strikes would you use for your collar?

I'm muted. I'm sorry. I would probably. What. What timeline? First off, how far out?

Well, that's. You have to tell me. Earnings are next week. When would you do it?

I would do it. I would try to do it Friday. I liked it. Well, you say. I don't like to be in a stock heavily unless I'm holding it long Term before, you know, earnings, because I've been burnt a lot on earnings. So if I was going past earnings, let's pretend that I probably do. I probably sell at 55. Some would call it 55. And I probably protect the part right at those, the reversal candles right there at 4, let's say 45.

Beautiful. All right, 45. That's nice. Yeah. So that would, that would be, that would be a good caller because again, you bought the put above your cost purchase and you're selling a call. And if you did this trade, this trade would have a credit right now for over earnings. So the call sale and the put purchase. And so that way you would get paid a small amount of money. And if CNM gaps down on earnings. Right. A lot of people are going to be upset and it would sell off a little bit and this put would go up in value. But at least, at least you had protection over. Yeah, and that's kind of like this.

Is where I, or I'm kind of confused on the caller. So obviously you're making money as it's going down because you have a put on it. Are your shares in the cell of the call outweighing your loss of the put or the gain of the put, you know what I mean? Or opposite of what I said.

Yeah, yeah. Are your shares, are your shares going down? Correct. And it can depend. Unfortunately, that's the unfortunate news. It can depend on the option, meaning how many people are trading the option, how big did the gap actually open? What's the implied volatility of the option? So options aren't perfect instruments for protection, but they're really, really, really, really good. They're not 100%. They're probably about 95%. So you are offsetting a lot of your losses from the put from the shares going down, but definitely, most likely, not all of them.

Next month, will you go over how to calculate if it's worth doing a caller or just doing a covered call at 55 and like you said, just kind of renting your stock. And if it doesn, it doesn't go there, you're just getting paid. And if it goes above, you're okay with just getting out or you can get out before it goes above it.

Yep, I will be talking about that for sure. All right. Yeah, but I mean, the, the really short answer is it's just going to depend on how long you want to hold it. Surely the answer. I, I.

Also know of a book that talks about colors. It's called Faster than Markets.

It's a Good one, man. Yeah, the collar, the collar piece is good. It's a cool little expose in there.

But you know, seriously. Yeah, that helped me like get a pretty good high level grasp of callers that chapter 17, I believe.

Thanks, man. Yeah, so you can't, you can't do a collar if it's below where you bought, right? You can, it's just not going to be the perfect collar. You, you don't have an unlosable position. That's the only downside. You can still do it. But the point of a collar generally is if the put expires in the money, you have the ability to sell your shares at that strike price of the put. So if you bought the stock and your put is lower than you bought the stock, you can absolutely still do a collar. It's just no longer an unlosable position. Yep. Great question. All right, so Scott, since you're unmuted, any position you want to look at, anything that you're checking out.

I'm in just a couple of bigger name stuff.

I bought Apple, Tesla, Google, amd.

I mean all those right now.

All right. Sweet, sweet, sweet. Okay, so the big boys.

Hey, Jeremy.

Yes, sir. My champ.

Do you ever do a, a collar that's a calendar offset, like a short term put just to, to cover maybe some initial reversal and then sell a longer term call like that? Or is that not smart?

I. No, it's not unsmart. We'll talk about that probably more next month. But I can say this, okay. It. I do it a lot less. Yeah, I don't do it. I don't do it super often because that just means more management. I'm all about making a bunch of money and not working hard.

That makes sense.

Yeah. Yeah. Just. Just tracking the best one. All right, Ms. Jo. What are you in baller?

I mean, too much, I think.

More than 10,000.

Bit of a lot of stuff. Well, not shares, I don't think for sure, but I've got some Apple. No Nvidia. Still got the Carvana, but I sold a put on that with a down day because I'm looking like it might get taken away tomorrow.

Nice.

Got.

And it's a 75 call for tomorrow.

Yeah.

Oh, okay. It's gonna be super close. We all get to watch Carvana with Joe tomorrow. There's a 75 call, so if it closed above 75, she's going to sell her shares. All right. Sweet.

Yeah, I've just got a few shop shares, so I've been looking at getting a bit more of Those. I just got a few pan w as well. So I've been watching that.

What else?

Cool.

Watch it. Watch AAP to get back into.

Yeah, dude. So you're Gary. Your girl down there just crushed Advanced Auto Parts. She's been in since January.

Just no kidding.

Merging it. Yeah, this. I mean, this. Talk about a probability. One of the things I'm gonna make you do, Garrett, I'm gonna make you review like this was such a murderously high probability trade. I mean, there was. There was so many good moves, so many counts, so many things. I love this one. So, Joe, great job. This was so good.

Thank you.

Yeah.

Look at this. Fans. Auto parts like O'Reilly's to the moon. Autozone to the moon. And advance was like. I was like, why is it down so far?

Yeah, it looks. It looks amazing.

So, yeah, it was kind of crazy.

I think. I think I've got like 30. What I got on that. Yeah, I got 30 day calls at 76. So it's making money.

Remember what this was, Jeremy, can you. Can you tell Garrett. Garrett's new. He doesn't know what P. P to S means. Can you remind us, what does price to sales mean?

Price to sales.

I don't. I feel like I don't know what that means.

Based on revenue. It's close. Yeah. So we were talking about Advanced Auto Parts, remember Bearded Jerem? And we're talking about like how. How some of the. The fundamental reasons is why it should bounce. Also. And price to sales is if you bought the company in cash. Right. Because you're Jeffrey, you're Jeff and Scott. So you buy this bad boy in cash. Yep. How long, how many months would it take to get your money back from just sales? From a sales point. So the price of the company buy.

Sales, is that in like a year format or something?

Yeah, exactly. So this is half a year. Half a year if you bought the company. So if we look at something like Starbucks. Right, Starbucks. What is price of sales? 2.82 years. And then Spotify, you go look, Spotify, it's 3.46, which is low. Really low, actually. That's kind of impressive. And then Virgin galactic is still 96. So it would only take you 96 years to get your money back on Virgin Galactic. Hilarious part was this time last year that was at 1040. So it would only take you, Jeff, I don't know if you're good with numbers or not, a thousand years to get. Get your money back on Virgin Galactic. And now it's only 96. That's it.

How does a company survive like that, though?

Well, they don't. This is slowly going to zero.

I think I'm a chart I'd like you to look at, Jeremy.

Yeah, hit me. I. Ipr. Oh, that's pretty.

Just came off earnings and gapped way up. And now it's like basing it, you know, with like, a Darvis box there off to the right.

Yeah, it is.

It looks to me like it's about to jack.

Yes, it does, homie. Hey, Garrett just paid for his ticket into class, fam. Thanks, bud. Yeah, that is about to pop.

So I've got a limit by it, like 100, but I don't know if I need to. Kind of waiting to see if we get a, you know, like a. A little doji candle or something with some low volume that I can buy off of or. I'm just watching it.

Yep. I'll help you with it right now. So we'll have two choices. So choice number one. I would really, really prefer to buy it down here. This would be my preference. It's kind of like stack some positions into between below 90, 92, and 85. That's where it's gonna be preferable. But if it breaks out, I agree. A pop above a hundred, specifically, either a close. A close above there would be a more ideal, just since it is a good resistance. But I would get in above 126, and then if it closed towards the end of the day above 100, let's definitely get in. So this is. That's a great chart, man.

Looks really close above 100. Or if it shows support down around 92, would you say 96? Yeah.

Which is the 100. The 100 on the daily. Give me one more second. So our. Our next target wouldn't be here until 105.70. That's the only thing in the way.

Yeah, they're right. So, yeah, it could blast up about 115 or something, maybe.

Yep.

What I was looking at. Target.

That's the daily chart.

Yes, ma'. Am.

Yeah.

Yeah.

So I'll put this back in here. So this is where we want it. We want to buy it at around 92 if it gets down there. And if it doesn't get down there for us, then we'll take the break out of 100. So let's begin watching this one. That's why he's here, folks. Value add. All right.

Thank you, Garrett.

We play. Yeah.

You know, maybe.

Right?

Yeah, it looks. It looks pretty.

Oh, yeah.

It's got Like a cup and handle thing going on.

That's what's cool. We all love maybes. You know, we live off maybes. That's how we feed our family.

I started looking at it because it's a dividend stock. And I was thinking, well, you know, it looked pretty. And then I looked at the patterns. I was like, wow.

Thank you, sir. Ms. Sue, did you lose your Rivian shares already, or is that tomorrow?

Tomorrow, yeah. Yep. All I blew is my Rivian.

All right.

I don't know.

Do me a favor for. To answer Jeff and Scott's question. Can you post your position on that and show them how. How the give. Give an expose of your trade on Rivian and how you protected yourself. You still lost money on it, but you lost.

Yeah, I'm gonna lose, like, less. I'm gonna lose, like 400 on it. But, yeah, if I bought the shares with what I'm gonna get anyway, I could buy another 102 shares.

Sure. Yeah. So do a little. Do a little bit of write up.

Okay.

For us, because we're gonna start getting into options next month. That's the big one. It's gonna be the big. So we're gonna start still tiptoeing in. If anyone has any preliminary questions. I know at this point, everyone knows what a call and a put is, but just in case you have any preliminary questions, let me know. I won't go over massively basic stuff, but I probably will, because that's just how I teach. It's an accident.

Could you look at AI, though, real quick?

Yeah. What did. What did it do?

I got. I mean, on my wave count, I'm like. I think I'm wanting. I think I want to get in.

I bet you do.

I do, too. Fun.

Yeah. This one has been tricky for me, but I still count this as some type of really weird pullback that does get bought up. I think the best way, in my opinion, just because the volatility of AI, is to pyramid in and. Or to start doing some put sales from me to you. Probably some put sales down here and then snag some shares, do something like that. Yep. I agree.

Yeah. I'm not real familiar with the whole put sales thing, but. So if I sell a put gets way down there, then I just get.

To purchase the stock.

Purchase the stock.

Right.

Okay. Which is not a bad thing.

And keep the premium that you received.

Yep.

Okay.

And if it does this, you still make the money on the put sale.

So I just keep that money. I like that too. Right? Yeah. Because I have that, like at the end of wave four or at least close to a wave four, thinking that it's.

Yeah, you have this, probably, right?

Yep, sure do.

Jeff, what was your question, my man?

Can I ask you a quick strategy question on selling puts?

Sure.

So I have a bunch of them out that are expiring tomorrow with Apple and AMD and Google and stuff. So let's say you completely fudged the chart and you read it wrong. Right. And where you are right now, let's say you put a put at 1:80. I didn't do this. But let's say you sell a put at 180 and you're down to like 168. Would you just take the loss for the thousand bucks on the naked put and get out? Or would you. Or purchase the shares at 180 and just let it go?

That's a. It really is a personal question, but let's say that you did that or whatever. You sold some puts back here and the stock is actually below there. Personally, I take the put. I get put to shares. Cause I want the shares anyway and I got a premium to get there. So I was like, if you close them, you realize a loss, you still pay commissions. And then if you do that, just make sure that you still set up a purchase to buy whatever it is you're trying to buy at a lower price. Because that was. That was the goal of the put sales, to make sure that you get put chairs.

Yeah.

Yeah. So normally, again, just for as little work as possible, I still just let it get assigned. I now own my shares. I wanted them at 180. I'm getting them at 180. That's what I want. And they're. They're lower than that. I totally agree. But now all the stock has to do is poke its head back above 180. And now I'm in the green and I can start selling covered calls or whatever.

Right. Because I have AMD at 180. So it could hit 180 the way it's going.

And how far out. Sorry, sorry.

I'm sorry.

How far out do you. Do you typically sell puts that individual.

Yeah, we'll cover that in extreme depth for sure in April. But specifically, usually six weeks or less. I sell almost every option that I sell. Six weeks or less, us.

Okay.

Yeah. And 180. It'll be closed. If that expires next tomorrow, Jeff, it'll be closed. I think you'll be fine.

Yeah, I. I was hoping my Google was gonna. I mean, my apple was gonna fill it one, but it doesn't look like that's happening.

Right on, right on. Well, hey, you know, you get the premium and then do it again Monday. Yeah, I like Fridays, man. Fridays are paydays for option sellers. Yeah, sweet. So, fam, here's what I would love to do this week. Just go scan, right? Jeremy says he's gonna go scan for some charts. Let's find some next really good trade setups. Just use finviz. We've taught you how to use it. Just scan for some things. What's good, what's cool, what's interesting. Find a good trade setup, find a good chart. Post them in Slack, post them in our WhatsApp group. And if Jess Cox reaches out to you and gets your address, I'm trying to send you guys something. So that's legit. She's my admin, lives in New Zealand. So she reaches out to you and connects with you as part of this group. I'm gonna send you guys a little something. Something special just because I love you. And yeah, that's it. I will see you all Monday. 6, 7, 8 Eastern, 7 my time. Yeah. So 8 to 9:30 Monday morning as normal. And we're just going to kind of continue to repeat and just really ingrain some of this stuff. And if there's any questions between now and here now and then trades positions or anything that you're in, let me know and we'll go Pressure. Okay.

Thank you.

Have a good weekend, everybody.

Bye too.

Bye.