The Daily Drip

Markets review, strategy and analysis

Note: The EW counts on the right edge are real-time, and they are prone to adjustments as price action develops. Elliott Wave has a fluid approach, is evidence-based, and requires constant monitoring of certain thresholds.

In the counts below, this (( )) = circle on chart

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Chart of the Day—TOST—Long base on this stock that is starting to show opportunities for an upcoming breakout. There are the two impulsive moves of the lows, and based on the look, it’s either a 1,2, 1,2, or 1,2,3,4 so far. I would keep a close eye on this one. I will discuss the plan of entry in today’s video.

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Bottom Line: After what started as a quite negative day following META’s earnings, the markets recovered well and staged strong closes. With positive earnings reactions from MSFT and GOOGL, the expectations are for an upside follow-through tomorrow. Closes above the chart horizontal lines upwards of 1% will bode well into next week. Tomorrow’s story is unwritten yet.

Let’s dive into charts and further analysis below…