Stock Waves Charts of the Day: NVDA, CTL, XLE & EEM

SW Charts of the Day


Stock Waves Charts of the Day: NVDA, CTL, XLE & EEM

NVIDIA Corporation (NVDA) has had a nice boost higher, with price now re-testing the high from earlier this month.  It had a nice "stick save" following its drop on earnings.  Target for wave (iii) of circle wave iii remains at the 100% extension, which is roughly 299.  So if the stock gets a nice breakout and follow-through, that's the target  as long as price holds above the August low here as wave (ii).  
 
CenturyLink, Inc. (CTL) saw a strong drop today.  We'd posted that price had fulfilled our expected target for circle wave iii of 3, so this drop is cooperating with expectations for a pullback next as wave iv of 3.  That fourth wave should find support between the two fibs at 22.17 and 20.91 in order to turn back up and follow through towards 25.85 next as wave v of 3.
 
A lot of oil stocks saw a decent upside today.  In the Energy Select Sector SPDR ETF (XLE) the bounce is still within the limits of being a 4th wave within an ending diagonal (c) wave to allow for one more lower low as the 5th before that turns back up.  But if that's going to occur, the XLE should turn down soon in that 5th wave.  The first indication to me that a bottom is in place will be a break back above the 50 dma at 75.25.  If it can clear that on a sustained move, it's going to be the initial indication of the start of circle wave c of 3 towards 87.50, a new high on the daily chart.
 
Finally, iShares MSCI Emerging Markets ETF (EEM) is getting a nice move higher, starting to put some distance between that lower low it saw earlier this month.  It's had three waves up off that low so far.  We want to see a micro 4th and 5th fill out to give us five up.  That would break it above the prior July high and confirm a bottom in place as a potential start of a 5th wave heading to new highs again, perhaps allowing the EEM to see some outperformance in comparison to US markets going into the end of the year.