Wave 2 usually retrace deep. Target point 1 is .5 fib at 1444. Target point 2 is .618 at 1375.
Remember, in bear markets you sell the rip and in bull markets you buy the dip. This change of way of thinking will be hard for those that have not experience an extended bear market. Will be easier for crypto traders.. haha. In bear markets there will be huge bearish rallies.. so don't get trapped.
When oil breaks through this decades long support of $29 it's all air until the next major support at $10. The party is just getting started.
Short term retrace soon... then bull resume.
Idea is sell 50% at top of channel about 18.50. Buy back targets are 12.50 and 9.10 Then expect moon. :)
I'm expecting some retrace to 2.5 at least and 1.82 at most. Then more up with target of about 6.25 depending on timing.
If this running flat plays out then 1 more leg up likely. Top targets 1640 to 1760. If this was indeed the top of wave 5 then a retrace go could 1260 at the deepest to 1440 most likely, but I think more up first.
Strong support at long standing bottom of log channel, with secondary support at .618 fib retracement. Fiat's are dying with the IMF, ECB and BIS all signalling imminent need and implementation of digital currencies. Repo operations are failing and will be indefinite. Holding onto fiat right now is like tryig to hold onto a handful of sand. Top of channel is 100k.
Apparently USA declaring war on Iran and it's allies bullish for gold. This could easily run to 2k or higher depending on Iran's response. Short term targets though are 1555, 1600, 1680, 1750 then moon.
I don't trade bitcoin because I think it's outdated tech... but if I did I'd buy the bottom of the channel and sell the top especially after it finishes a textbook retracement.
Expecting a final wave 5 down before next major leg up. The buy zone is rather large so will buy in small amounts all the way down.
Waiting for last leg down in a 5 wave ending diagonal. Buys in green box starting at the .382 {$1443} ... the lower it goes the more to buy.
This bullish scenario would wait for a .786 retrace with some amazing upwards potential.
Looking for wave 5 up to the 1760 ish level. 1.618 fib line line of the bullish channel.
The USD dxy has been in a bear market since it's beginning. On the weekly there is bearish divergence and an EW count showing a high probability of breaking down from the bearish ascending wedge. If this is the ending of a wave 2.. the current price action is hanging around the .618. It's my feeling that the price action will continue to the .786 approx. 100...
With major bullish divergence appearing on the daily chart and the completion of an ending diagonal a retrace to the .786 and bottom of channel at the support is expected. With a bounce at that point then that would support the bullish case for new higher highs. If the price breaks below the .786 and lower support then the bearish case would be looking very...
Assuming this is a bullish scenario... the argument could be strongly made that this is the bottom of the wave 2 retrace. It has found support at the .618 level and bottom of descending wedge which is bullish in itself. However.... I wouldn't be convinced of a true bottom until the .786 retrace is complete.. which wouldn't happen until April 2020 unless...
Expecting a retrace on spy to push to the 2.618.. limit sells there.