D, FICO, BNTX & MVIS Among Today's Top Charts

View below a transcription of the video's first 4 symbols.
Good afternoon, and welcome to today's Charts of the Day Video. We're going to start with the two most recent adds to our Wave Setups table.

One of those is Dominion Resources (D). Looking for a C wave up inside a primary wave 4, we had a really good strong A wave. It's not clear that it's an impulse. But we have a nice big B wave retrace, is a nice, wide flat. And then a good move off of that which could be an ABC up. So this could easily be a 1-2 of an ending diagonal for the C wave.

The difference here on my chart from Garrett’s, Garrett is only counting this as a smaller ABC up for the A wave of the bigger primary wave 5. Since this is going to take us over the top of the primary wave 3, up to new highs, it could easily be all of that primary wave 5. So very little difference in terms of the expectations for the count in the wave setup. Most people are going to certainly want to get out of their positions in this 102.50 to 113 region.

Whether it's just the A wave of the larger primary wave 5, or whether it's all of primary wave 5, because from there, it's going to get knocked back down at least a good 20% or so as this deeper B wave. And that's going to be back to pretty much where we started. But we have a good solid initial move up, and a very choppy retrace into our 38.2 to 61.8 zone.

There is room for this to maybe bounce more and get a wider retrace closer to the 72.50s. But certainly not needed. And if it can start to take out 80 resistance and the 81s, then we can be on our way up.

We do need to look for this to be an ABC move for that third, because it has the potential of being a diagonal.

The next Wave Setup that we added was Fair Isaac Corporation (FICO). One of the things that I liked a lot here, it's in the C wave up of our third, inside a larger diagonal. And it too looks like a diagonal. There's a number of charts that have a similar structure here. And I thought this was a great example. The other really good thing that we liked is that we have a pretty solid support level that we really want to see hold in this 477 or even 480 region.

So very, very good risk/reward off of that as support, 480 to 474. That's the 200 day moving average. That's the uptrend line, that is a potential A in a B inside this A wave of what should be an ABC up for the third. So we're targeting 590 to 602.

So with very, very clear support, even though this should be an ABC move up, the risk/reward here is very, very good. I plan to probably sell some covered calls against my shares in this 540s to 550s region for a likely B wave if we can hold support and get up there.

So those are the two recent adds.

And then I thought we'd take a look at some of the other stocks that have been moving a lot or doing well, or some that we may have trimmed, or many of us may have trimmed and that are now coming back into support.

I want to start with BioNTech SE (BNTX). This moved and got a new high. But we don't have five waves up in our, whichever wave (v) this is. The big difference here between these two moves, I know it looks like they're almost identical with the sub wave count. But the blue count is completing a 1, 2, 3, 4, 5 waves up, C wave in blue for all of the wave (iii), whereas the green count is still an impulse for the wave (iii). But when we zoom in the structure for those two counts is identical.

Coming into this high, they're both looking for the same fourth, and then from here we're also looking for the same fourth. So we're looking for five waves up as the wave (v). And at this point, this part of the count is interchangeable. I went ahead and color coded this as purple just to -- because we didn't hold there's a micro fourth wave that we wanted to here, to get higher and this 3 is an impulse and then get a 4 or 5 to stretch this move a little bit more.

So this looks more like this was an ABC up. This was an ABC up. And this is our deeper fourth coming to the 61.8 at 199.70. It’s trying to turn up from there. So ideally we get an ABC move up to a 288 to 291 for the final top before we get another bigger consolidation in this wave 4 in BNTX.

Next is MicroVision, Inc. (MVIS). It's looking good here with a nice high in a slightly expanded flat. You could count this as an alt of wave 1. So we still have to be on the lookout for a little bit of a deeper in this wave (2). We've talked about MVIS a lot, where this can be an expanded running flat for the fourth wave here, where it made a higher low. And this is a new start to the fifth wave of wave (3).

In either count, we are ideally targeting this 95 region for the 138.2 extension for this five, wave (3). If we're going to count this off of the flat with the white 4, then we still have a 1-2 in green, and then the smaller 1-2 inside that 3, that's valid. So any move, and I posted this morning, anything over 21.80 starts to put it into -- heading towards a breakout of that 25 region again. So any strong and sustained move over that 25 region should continue up to the high 30s and then into the 50s and then on up to 95. So a very, very wild play, but still holding nicely within our counts, and has a lot of good potential upside.