These two graphs have striking similarities. ACB is farther than Litecoin in the progression. If LTC keeps following ACB's structure (like it has been), then we could see another all time high (perhaps just a bit more than the last) , followed by a significant decline .
The SPY has entered a major resistance zone. The previous major move down from 281 down to 232 (17.5% drop) has retraced to a fib level of 0.786, to where we sit now at about 270.79 (orange fib scale on the right side). The pink arrows on the drawing show that this level has been a MAJOR support/ resistance zone. This also confluently coincides with the angled...
One possible elliot wave senario for the S&P/DJI is a (5-3-5) zigzag. Everything is fibbing out nicely so far. The middle 3 wave zigzag looks to be completed (retraced to .618 and the extension looks good), and it appears we are starting wave 1 of 5 going down. In addition, the RSI on higher time frames are bearishly diverging. If this plays out, a 10% drop would be a 1:1!
AMD made a nice 5th wave ending diagonal on November 11th. I watched it dump,as ending 5th wave diagonals normally do, right AFTER the bell. I missed the opportunity to daytrade a Put. The price action kept getting higher, while the RSI told the real story. Once the bottom trendline broke, the bottom fell out. Cheers! Hope this helps educate someone.
I know head and shoulders typically signifies topping out, but i found this interesting. the head sits almost exactly at a 1:1 trend based fib extension from the start of the downtrend, while the left shoulder exactly hits a 161.8. The neckline is pretty consistent, and we are falling below the neckline in after hours. If we don't double bottom here, it could...
We are in the fourth bull run since BTC tanked in December. The first 3 bull runs show lower highs, but the RSI has showed higher highs. BTC is quietly gaining momentum.
This looks pretty basic to me. Bitcoin is extremely overbought right now. As shown in the past, this always corrects itself in a pretty big way. BTC could easily go to $13,000 or lower. Have some $$$ sitting on the sidelines just in case, just my opinion.
