Bitcoin continues to accelerate higher, with only minor corrective declines on the way (also seen in the US indices). The next possible upside target for wave 5 and (3) is seen near 7,800.
That said, we should be aware of a possible extension closer to 9,150 or even towards 10,783.
A clear head and shoulders pattern has appeared.
Target $56 by September
Moving average crossover and acceleration bands correlate strongly with head and shoulders pattern.
Possible long term short if it hits neckline
Following OPEC's decision to not to reduce Crude oil production on 27 Nov 2014 Thursday, we note a steep drop on Oil related stocks (ie XOP) on Black Friday Morning.
Share prices of Airlines have also continued rally on the upside (ie DAL).
While we may run the risks of pullbacks if we were to join the Short Oil/ Long Airlines positions, here is an idea on...
Keltner Channel - free indicator.
Accelaration Band - Proprietary Indicator (some package deal available) We have it free, Thanks to LB
Measures the same thing. Nothing fancy here bigtrends.com. Strategy is interesting.
the only difference is, KC gives some freedom, AB does not, lol. KC is plotted using true range, AB is plotted using one candle.