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  • AvatarScott Pearcy
    Participant
    Post count: 296

    Good morning, Sean…I hope that you are able to settle things in your grandfather’s estate quickly and satisfactorily…..I do have a question about Nokia (NOK)….To my amateur eyes, it looks to have been in a long sideways consolidation and may be moving up….seems to be working between the 50-day and 200-day moving averages, as well…..I own a couple hundred shares and wonder if I should hold for possible growth or sell while marginally profitable…currently up 5%.

    Sean HymanSean Hyman
    Keymaster
    Post count: 3300

    Nokia is on my watch list. To me, the real picture is on the weekly chart. It looks to have formed a bottom in wave 2, but has had a sizable rally up afterward that I’d like to see it retrace a good bit, if we were to ever get into it.

    With that said, if I already owned shares in it, I wouldn’t be selling. I’d be holding on. But in the end, that’s up to you, since its a non-LI position.

    Congrats on your gain. Over time, I think you have a chance for more…but near- to medium-term, it could pullback and that pullback could temporarily erase those profits but give you the shot at more later on as the bigger part of wave 3 unfolds.

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    AvatarScott Pearcy
    Participant
    Post count: 296

    Like I discussed in my earlier post, my novice eyes saw what you saw on the weekly chart….the long-term sideways consolidation which could lead to an extensive run up over the next couple of months/years…..I will hold onto what I have and will make an additional purchase if/when NOK makes the LI investment list……As always, thanks for the valuable counsel…

    Sean HymanSean Hyman
    Keymaster
    Post count: 3300

    It’s sideways in the sense that it’s future prices were stuck between wave C’s lows and wave 1’s highs. But it’s really been more of a 3-wave downtrend in wave 2 more so than a sideways range of wave 2.

    A powerful 5-wave up move should unfold in wave 3. But it wouldn’t surprise me if we get some pullback first. It doesn’t have to happen. But wouldn’t surprise me.

    You’re welcome.

    • This reply was modified 1 month, 1 week ago by Sean HymanSean Hyman.
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