AlanSantana

πŸ’Ύ Wells Fargo & Company Turns Bearish | Crash Ahead

Short
NYSE:WFC   Wells Fargo & Company
What we are seeing with these banks are the side effects of massive monetary expansion.

This is the result of the Covid money printing fest.

We will soon enter the withdrawal phase ... Right now the banks are deep into the headaches.

βœ”οΈ Wells Fargo looks pretty bad. While last week you could say everything was fine based on the chart signals, this week nullifies months and months of recovery.

Of course, there were many signals pointing to what is happening now from way back... If you track this chart you would be able to tell.

The RSI and MACD peaked 2021, both have been building a very strong bearish divergence.

The trading volume continues to decline and we have Elliot Wave Theory as well which calls for lower prices in the form of a correction.

Let's look at the present time.

Here is the chart:
βœ”οΈ The RSI jumped off a cliff. Trending lower strong.
βœ”οΈ This weeks candle moved below EMA10, EMA21, EMA50, EMA100, EMA300 and MA200; all in a single candle.
βœ”οΈ The highest bear volume bar is present this week since June 2022.

This can be the start of the (C) wave in a classic ABC correction.
The wave count is marked on the chart.

The question comes up again, will Bitcoin crash together with the banks?

It is possible but the charts are very similar.

While these banks have gone down by 30%-40%, Bitcoin went down by 77% and they are going through the same pattern.

Where these banks are headed is where Bitcoin has already been at but it can still go lower though.

The things is that Bitcoin should work as an alternative to decaying banks, it was created to protect people for situations exactly like the one we are seeing now, to protect people from another 2008.

We have to wait and see if the experiment will work.

My hopes are very low though for these banks though.

It is already being reported that the SIVB people paid their bonuses and did their insider trading before crashing everything... People are bound to get tired at some point.

Namaste.

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