Popular YouTube channels, financial media, everyone is talking about the great big crash of 2023 to come.
Everyone is probably wrong. Why? The chart stupid.
The recent breakout of resistance is seen by many as a bull trap. Maybe. I see a backtest of past resistance and price action landing on the golden ratio. There’s something else, however. The Life cross. A life cross is defined as:
1) The 50-day SMA crossing up the 200-day SMA
AND
2) Price action above the 200-day SMA.
But WW this cross is a fake out! There’s no evidence to support that. Have studied the last 60 years of life crosses on the index. Do you know how many printed a false signal? 0. Nadda. Not one.
Ww
The last 20 years of life crosses..
July 8th, 2020
April 1st 2019
April 26th, 2016
February 1st, 2012
October 22nd, 2010
June 20th, 2009
September 12th 2006
November 10th, 2004
May 16th, 2003
Everyone is probably wrong. Why? The chart stupid.
The recent breakout of resistance is seen by many as a bull trap. Maybe. I see a backtest of past resistance and price action landing on the golden ratio. There’s something else, however. The Life cross. A life cross is defined as:
1) The 50-day SMA crossing up the 200-day SMA
AND
2) Price action above the 200-day SMA.
But WW this cross is a fake out! There’s no evidence to support that. Have studied the last 60 years of life crosses on the index. Do you know how many printed a false signal? 0. Nadda. Not one.
Ww
The last 20 years of life crosses..
July 8th, 2020
April 1st 2019
April 26th, 2016
February 1st, 2012
October 22nd, 2010
June 20th, 2009
September 12th 2006
November 10th, 2004
May 16th, 2003
Trade active:
Everyone is still wrong... fantastic.
No need for the bunting just yet, only 5% gain thus far. However something that has not happened since June 20th, 2020 following a buy signal..
** confirmed GRM support **
Before you ask, this is a confirmation of trend reversal, the market is printing higher lows. This is a fact, not my opinion.
There’s something else.. a strong reason for the bullish forecast is also the strong reason for the bearish case against gold. That is the Gold/SPX500 ratio. When this ratio is printing strong bullish divergence you get out of stocks and long gold. Vice versa when bearish divergence prints. Don’t take my word for it, look left, throughout history this one simple fact has been irrefutable.
On the 5-day chart below a strong bearish divergence on the ratio has confirmed. What does this mean? Gold price action to fall fall and fall while the stock market prints a new higher high.
5-day
No need for the bunting just yet, only 5% gain thus far. However something that has not happened since June 20th, 2020 following a buy signal..
** confirmed GRM support **
Before you ask, this is a confirmation of trend reversal, the market is printing higher lows. This is a fact, not my opinion.
There’s something else.. a strong reason for the bullish forecast is also the strong reason for the bearish case against gold. That is the Gold/SPX500 ratio. When this ratio is printing strong bullish divergence you get out of stocks and long gold. Vice versa when bearish divergence prints. Don’t take my word for it, look left, throughout history this one simple fact has been irrefutable.
On the 5-day chart below a strong bearish divergence on the ratio has confirmed. What does this mean? Gold price action to fall fall and fall while the stock market prints a new higher high.
5-day
Comment:
4090, if you can get it take it.
Comment:
Despite the best effort from the bears price action is up 6%.
Now a word of caution if you're a baby bear, you do not want to see a close of 4220 before the weekend. There is a lot of Put contracts that will hurt at this level with a high probability of producing a short squeeze.
If you're a brave bull, you don't want to see a close below 4210. This will print a double top before the weekend close, bearish indeed.
Util then, schönes Wochenende.
Ww
Now a word of caution if you're a baby bear, you do not want to see a close of 4220 before the weekend. There is a lot of Put contracts that will hurt at this level with a high probability of producing a short squeeze.
If you're a brave bull, you don't want to see a close below 4210. This will print a double top before the weekend close, bearish indeed.
Util then, schönes Wochenende.
Ww
Trade active:
10 confirmations of GRM support since May 20th. Expecting a correction to lower lows? Not going to happen.
Comment:
The 4300 resistance was sliced through like it did not exist. 4500 is the next significant resistance. Currently up 10% from posting or about 400 points. The baby bears don’t know what’s going on, just as before.
Comment:
There goes 4500. If 4600 does not slow the rally it it is off to 4780.
The baby bears are getting squeezed into bear juice.
The baby bears are getting squeezed into bear juice.
Comment:
Clear resistance at 4600.
Can you where support is?
Can you where support is?
Trade active:
Support confirmed on the August 2022 resistance, what an awesome signal. No possibility to be bearish now.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
The next move is to the 4300 area following the successful backtest and wedge breakout.