mukit1

mukit1

Friday's price action has a couple of very strong confluence. First the double bottom at 0.5 fib level, and second, RSI bullish divergence. EW perspective, this could be an ending diagonal to end wave 5 of C. This could also be wave 1 of 5 of C; so, we wouldn't know for sure unless we see price move above $0.57. We could see a sharp move up for ADA which could go...

mukit1

Doge price action is very technical at this moment. There are bots and algos at play taking out stops. I am expecting one more low before the pump starts. EW standpoint, wave 4 of C can take some time for consolidation before one last drop. But it needs to be a precision play and bulls needs to show up at the right time. $0.1072 cannot be touched and that is the...

mukit1

The price action for the last month and a half has been a strange balance. Obviously, there is severe accumulation happening by institutions, but the selling pressure from miners and grayscale also has been quite extreme. This sets BTC up for a breakout, up or down. EW looks like a break upwards might be the first move to complete the minor degree wave 1 and then...

mukit1

NVDA chart is as bullish as it can get. Monthly close is as strong as it can get. There is nothing bearish about this at this moment. And this is where I get my spidey senses tingling. I am looking at a couple little things to be cautious. 1. Price hit the 2.618 fib extn from cycle wave 1 and 2. This is as good place as any to complete primary wave 3. ...

mukit1

The reversal from May 1st started impulsive then not sure what happened. It is possible that price action from May 13th is some kind of a leading diagonal structure of a lower degree wave 1, but it is taking too long to stay as a lower degree structure. At this point we might face the possibility that the minor degree wave 4 correction hasn't completed yet and the...

mukit1

PLTR stock price stabilized last week. The price action is looking like some kind of a bear flag. From EW perspective, getting another low to hit $19 would make a lot of sense. However, the price is very close to break out of $22.47, which might call for some kind of a messed up ending diagonal end and some messed up leading diagonal start, or need more time to...

mukit1

Well, my previous idea for a higher degree wave 4 got busted! Market is not ready to be bearish just yet. On Friday we got a breakout from the trendline resistance and retest. Next week we should expect a move upwards toward the next resistance at 5402. However, it seems like Market is poised to run towards the 1.236 fib extension of waves AB which is also around...

mukit1

PLTR price action has gone crazy this week. First, the H&S pattern failed when $19 target failed and pushed above the neckline; creating an inverse H&S pattern. The target for inverse H&S pattern almost got hit, but then the post earning shenanigans began. Price has fallen through the neckline once again and if the last low of $20.20 breaks, then it will be...

mukit1

Right now, to make the long story short, watch $0.14 and $0.17. There is a chance of head and shoulders pattern building. Doge needs to hold the 14 cent support. At the same time, a break above 17 cents will increase the chance of wave 4 completion and wave 5 progression towards $0.30. From my last post I have readjusted the count to keep the minor degree impulse...

mukit1

Staying with bearish count until price can break above $18.36. Since BTC is pumping, would expect some more gains for RIOT next week, but don't expect much at the moment. The earnings were good and company is doing a lot of right things to become the leading name in mining. There is an inverse head and shoulders patter forming. I have taken a small position at...

mukit1

Looking for a move down in ADA. Technically April 13th bottom at $0.40 could have been it, but the upward move since then looks to be a 3 waves move. It is possible that some kind of a leading diagonal is being formed, but it is not normal at a minor degree wave 3 of the primary degree wave 3. The path of least resistance is down at this time, so that is my...

mukit1

Today's candle on google is a doozy. Way gap up and drop till the end of the day, closing way above Bollinger bands and extreme volume spike; all making of a blow off top condition. Next week, we could see some strength to go a bit higher, but, it should run out of steam first. These conditions call for a short, but have to be careful on a massive blowout...

mukit1

Last week's candle seemed like the Amazon ride might be over for good. This week bulls attempt a heroic reversal. Test on weekly 20 EMA/ mid Bollinger band and getting support there is kind of a big deal. However, there is a MACD bearish cross on the weekly, along with resistance right on the mid Bollinger band on the daily time frame (not on this chart, but it is...

mukit1

My thesis for market cycle top is that SPX is creating a massive ending diagonal since the Covid bottom in 2020. The March 2024 top of 5264.85 has reached the 0.5 fib extension, not exactly the 0.618 extension that I was hoping for. But the EW rules are still intact and the strong downward movement might be signaling that the local top is in. Now the rule for...

mukit1

Technically META top could be in. Like NVDA, it can keep sliding until a critical support level breaks and waterfall ensues. However, the last wave 5 of 5 did not quite end in a blow off top type fashion; something you would expect from a major primary degree top. There was however, significant RSI bearish divergence on the daily timeframe, that tells us it was...

mukit1

Friday was nasty for big tech. 10% drops in NFLX and NVDA got some people to fear for the worst. Is the market going to crash 90% now? Maybe not yet. Right now the price only retraced to 0.764 fib. I would expect a little more weakness next week and then a relief rally. Price should come down to about .618 fib retracement area where there is also some market...

mukit1

There is almost noting bullish about ZM. After the huge selloff for months it's been a bear flag consolidation for weeks. With general market weakness intensifying, ZM has no chance here. Most likely in lower double digits to single digit in the next year or so. We might see a bounce first due to RSI oversold conditions, but wouldn't expect much. It will be a pump...

mukit1

I have been waiting for a correction in the stock since selling out of it in early February. There has been a couple of months long distribution pattern formation and now a confirmed breakdown this week. I had been short for a couple of weeks and second guessing myself a few times because bulls were heavily defending the neckline for H&S pattern. It almost formed...