 A quick and dirty analysis on Boeing for next week now I've been looking at a at the sticker and I'm actually in a calls position here for next week But I wanted to quickly cover how I will review This technical analysis I basically cleaned up the chart and all I've left is this downtrend that has been you know that had been going on ever since you know 2020 and as you can clearly see all the way from actually 2019 it started You know Coming down and then in 2020. I just really tanked You know with the pandemic and then in 2021 it kept on going because of you know economies were still closed countries We're still closed it down. So here's the big downtrend line. That's all I have. That's pretty much, you know Undisputable, I mean anybody could see that now as you can see I have also marked this very long-term support spanning back two three years almost Which has about a triple bottom if you count this one But what I like most about this is this W pattern here, which is very indicative of a recovery pattern a double bottom Because this is a triple bottom, but that's like very far away from where we are right now but recently it does have this double bottom, okay from 2022 until now and it basically broke past this neckline if you will here of the W and it is since Run up and you can clearly see it it reached Resistance right about here, which is exactly where that purple line here is That's the line of control the point of control line. Sorry from the the volume profile indicator Which is this indicator to the right here. Okay, so what do I want to do is I want to review After you know identifying the very obvious support, you know down here and trend Slash resistance line here, which it has clearly broken above I Actually want to go over this Fibonacci tool So this is the Fibonacci retracement and one of more common questions that I get is do you draw this from top to bottom or from bottom to The top well that depends what are you trying to identify in this case? We're trying to identify a retracement okay, and What we're doing here is we're gonna pick and I'm gonna go from 2021 over to 2020 Or 2023 I'm not gonna cover all though. I could I don't want to go as far back as you know 2019 So I'm gonna head go ahead and zoom in here real quick I mean basically I'm gonna pick the highest and the lowest point during that window. I Think nobody will argue that this is the highest point Okay, and I've started my tool here And I would move down towards the lowest point which would be actually right there Okay, now you can it doesn't matter if you stretch this out to the right It's still considering that as a low point You can just extend these numbers out as you can see so that you have a clear view of what those levels are And there I went a little bit too far down there, okay? So now think about this this makes sense because what I'm trying to identify is how far This down move has retraced. Okay, so I'm gonna click here All right, and close this tool and this makes sense because this has been dropping, you know Down down down down and then it hits this You know support and it bounces So it's a retracement of the downtrend So what we're talking about here when we go from top to bottom is How much has this downtrend? Retraced okay, the downtrend started or supposedly hit bottom here if it reaches this point it has retraced 23% okay, if it reaches this point it has retraced 38% if it reaches this place or this level It has retraced 50% and the you know very highly Like 61 8 or 61.8 level is as we all know one of the preferred levels and 61.8 is exactly where it's at right now where it seems to have hit some resistance All right, and it's bouncing around there It actually broke under this point of control line and as you can see actually I don't know if you can see but I'm gonna go ahead and draw a Quick support line here This is pretty much where it stagnated today and you could identify This as that level okay, so that's gonna be Actually, I don't want that to be a dashed line so Let me go ahead and Set that as a solid line Okay, and that is my only other support other than this bottom down here Okay, so that's where it seems to be bouncing around It's it's quite an important level of support and it is sandwiched between this 61 8 retracement okay, that is if we are Calculating Fibonacci going down and then retracing back up. All right It's a little bit different when you're doing it the other way around So now let's look at this as the starting point and it's going up and we want to see What the levels are for it retracing down? So let me zoom in to this level here and let me just before I do that real quick. Let me just add a very obvious New trend line forming and the reason why I'm going to draw this is because we can clearly see That Boeing is Bouncing okay, why a couple reasons number one it broke above Both of those down trend lines that we have up here This one has two touches here and the third one is way back in 2019 and this a more solid one Okay, it has one two Maybe three four Five six seven eight. Okay quite a few touches on this bottom one So it definitely broke out and cleared this bottom line Okay, this trend line so that means in my book that this trend has been broken Which trend the two pixel line trend? Okay that downtrend has been broken Because it was a very strong Resistance if you will it broke above and it has spent quite a bit of time above that trend line It has not Even come back down to retest it It's basically broken through the 23 retracement the 38 retracement the 50 retracement which is quite important And it's kind of you know hanging around this 61 a so we can say now that this line if we zoom in on this Is a new trend lined why? Well because we could very easily Just count the touches here and see what we got All right, there we go. So we're gonna have to zoom in on this a little bit more. I Want to keep this video under ten minutes? That'll be a first for me Okay, and there we go so we can see You move this a little bit more there, okay, so we've got the original Let me adjust this the original touch down here And we have quite a few touches there And then we have maybe another touch not as cleanly right there And then that's where it's touching right now and that is what we would obviously call a very important point of Confluence, okay, so what is Going on at this point of confluence. Let me bring this into focus or into view a little bit better You know we could probably Fix this line in such a way that It it touches the candle. Okay, it's the wick, but that's fine. All right, so we have Confluence here we have this line, which we just marked as a very important support level Okay, and we can see that it is bouncing off around that line and it was and it has been sandwiched in between this 618 and that support level okay, so let's Go ahead and use the Fibri tracement in the other direction Okay, so this time we want to know okay We want to get in on this right, but actually before we do that Let's go ahead and look at a pattern just a regular, you know, one five Elliott wave. Okay, so Let me see if I use the same starting point. All right, and I'm going to try to find my Elliott waves here if this is The first one. Okay, and it matches up with that 38 to that's the zero. All right There's the retracement Back to the two That's not going to work out quite as it as well as I thought there's the third one Which would have to be longer than the first one and it doesn't look it and then this would be our fourth one Okay, which would be our retracement And then we'll just let this hang here now as point number five at that 78 6 I could fix this Okay, I could fix this by adding This support Which is very clear in my opinion right there Okay, I Could add that support and I could bring this Starting point I would rather add it here All right, I would rather add it here. So I'm going to bring that support town like so Still matches up pretty nicely Okay, so there we go. Yep All right, so there's the beginning of what could be that Elliott wave drive, right? Don't particularly like this number two, but it'll have to do for now the point is what I want to get through here and I'm going to go ahead and I'm going to get rid of it because I didn't like it as much as I thought I would all right The point is we want to know okay has this retracement this you know this Corrective wave because if you remember from the Elliott wave theory it's basically an impulsive wave and then a corrective wave and then the large impulsive wave and then the corrective wave and Then one last and pulse of wave All right, and we want to know what we want to know is we want to get in on at the end of these corrective waves Right, so we don't want to get in somewhere in the middle here or in the middle here because it has more correcting to do That means that we will have a better risk to reward if we catch it at the bottom that if we catch it Somewhere in the middle so what we want to do is get in before this last wave gets in right So we want to know how much has this retraced well first of all We know that it has retraced to a point that is significant in terms of a previous support, which is there Okay at 205 ish 205 95 and now what we want to do is we want to go ahead and use the Fibonacci Oh, I didn't grab that Use the Fibonacci to see how much it retraced But we're doing it backwards now because we want to see if it went up how much has it retraced So we start all the way from down here Okay, and now This is the highest point And I'm gonna blow past these levels just so that I can move those numbers a little bit further to the right Okay, what we want to match up is that zero line up at the top Okay, and there it is. Okay, so now the zero is at the top Okay, and again, it makes sense because it has run up. This is one large move up, right? Which is what that yellow trend line here is denoting It's made how far back has it retraced and as we can see here This is our zero. It has not retraced all the way not even to the 23 6 line so it hasn't yet retraced 23.6 percent Okay, which would be another Which would be the first place where I would get into this trade But because I'm liking the confluence with the trend line and I'm liking that support It would have been great if it would have lined up, but it didn't that's fine so what we're gonna do is we're going to Go ahead and probably take this trade on I'm already in it. Like I said, let's zoom in here a little bit more Remember, this is the daily. All right I'm gonna have to zoom in a little bit more so what we could do is if I was not already in this trade then I would Start right now because it is at a point where I believe could be a good starting point for the beginning of this next wave, right? But I would leave an add open position, you know add to open position in case it does reach this 23 6 Which also coincides quite nicely with the 50% Downward retracement that we had been talking about from the 2021 all the way to 2023 Okay, so that would be another Confluence level which I could actually mark Okay, so this would be one place to get in Okay, that was not very good Let me go ahead and do a circle Geometric shape. All right Okay, so this could be the first place to get in and and This would definitely definitely be another place to get in Right. Oh, I didn't grab that. It's not locked Okay, this would be another place to get in sometime this week before Boeing actually keeps You know moving north. All right, so that was what I wanted to cover It's a little bit of Fibonacci a little bit of Elliott wave and some quick and dirty support and Resistance as well as trend lines to look at a play at a play that I'm looking at for next week. All right, so I hope you guys have found this Educational and informative and if you did or didn't go ahead and drop me a line in the comments below. See you next time