MagicPoopCannon

MagicPoopCannon

Looking again at the total number of coronavirus cases, we can see that the graph continues to rise, both in numbers of cases and deaths. You may notice that this chart looks a little different than the last coronavirus analysis that I did. That's because I decided to switch the chart to a log view, since we are in a parabolic rise. The log view has fixed...

MagicPoopCannon Updated 

Bitcoin and the crypto space continue to rally, as investors react to evidence that the coronavirus is slowing down. However, this is simply a bear market rally. Knowing that, it's extremely important for cryptocurrency investors to understand that we are only in the BEGINNING STAGES of a massive recession/depression. The stock market has put in the final top. I...

MagicPoopCannon

This chart that I've put together has the basic economic figures that factor into calculating prices that consumers encounter in the economy. The equation to calculate economic prices is as follows: Price = (Money Supply X Money Velocity) / Real DGP or P=(MV)/Y Here is the breakdown of each graph on the chart: Blue Graph = Money Supply (M) Yellow Graph =...

MagicPoopCannon

Looking at the daily Coronavirus graph, we can see that the total number of confirmed global cases (in purple) appears to be trying to level off, and the total number of deaths (bottom red portion) appears to be flattening, possibly as a result of global social distancing. This is why stock and crypto investors have recently been buing the dip. They're looking for...

MagicPoopCannon Updated 

Looking at the weekly E-mini S&P 500 futures chart, we can see that price is continuing to rebound as planned, in a way that looks to be completing the right shoulder of a larger head and shoulders topping pattern. After breaking down severely below the 200 week moving average (in purple) price has recently broken back above it. However, this is not really...

MagicPoopCannon Updated 

There is a lot of extremely interesting action in crude oil right now. Here on the weekly futures chart, you can see that CL printed a huge bullish engulfing candle last week, as it reacted to major support at the bottom of the falling wedge pattern (in blue.) As I mentioned in last week's crude oil analysis, crude was deep in oversold territory on the weekly RSI...

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Just as anticipated, we can see that the S&P is running into trouble at the weekly 200 MA. I've been absolutely disgusted by "analysts" and billionaire investors who've been on the financial market news outlets, saying things like "this is the biggest buying opportunity of our lifetime." In my opinion, this is NOT a buying opportunity. This is a technical bounce,...

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Here on the weekly Bitcoin chart, we can see that a few things have happened since the last BTC analysis. Firstly, we can see that BTC is holding above the 200 week moving average (in purple) at the moment. This is extremely important for the bulls, because Bitcoin has never really broken down below the 200 week in any meaningful way. You can see that earlier...

MagicPoopCannon

Crude oil is starting to look attractive to me. You can see here on the monthly crude oil futures chart that the biggest drawdowns of the past four decades have all been in the 70% range. There was a 70% drawdown in the 80's, one in the 90's, one in 2008, on in 2014/2015, and we are currently having one now. Since the beginning of the year, curde has fallen 69%....

MagicPoopCannon Updated 

On August 13th, 2019, I said this in my recession analysis: "I think will be born out of the next recession. And I believe that the next recession is most likely less than 18 months away." -Referenced analysis attached blow- Here we are, roughly seven months later, and my recession indicator has officially given the signal, showing that the economy is now...

MagicPoopCannon Updated 

Here, we're looking at the S&P500 weekly futures chart. Before we get into the analysis, I would like to say that I think there is probably 90-95% chance that the stock market has topped out. I say that because the formations on the chart suggest that the top is in for the stock market, and that isn't anything that was unexpected. I mean, if we simply take...

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Crude oil has printed a massive gap on the weekly chart. We can see that price has fallen to the bottom of a triangle formation, which it is currently testing. We can also see that the light crude market is severely oversold on the weekly RSI (blue graph at the bottom.) So, since crude is so deeply oversold, and price is testing known support, I think a bounce...

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Well, well, well. Look where we are now! Right on top of the 200 week moving average, which I have warned about testing on COUNTLESS occasions. I don't even want to guess how many times I've said that BTC was liekly to fall to the 5500 range to test the 200 week MA. All I know, is that it's been a lot. And while all of the haters run their mouths, I always get...

MagicPoopCannon

My weekly S&P500 fractal has clearly been broken. For those who weren't familiar with it, I discovered this fractal in the S&P 500 many months ago, and here's how it worked... 1. Support on the 200 week. (purple circles) 2. Rally above the 50 week. 3. Two major holds of support on the 50 week. (green circles) 4. Extended rally. 5. Test of the 50 week. This is a...

MagicPoopCannon

With the coronavirus slowing down global economies, and now oil collapsing with treasury yields, there is an increasing chance that we could be entering a recession. This is my recession indicator. If you're a long time follower of mine, you're probably familiar with this chart. Here is the breakdown... The pink line graph on the chart is the S&P500 , and I'm...

MagicPoopCannon

As Bitcoin continues to fall, we have to watch for a lower low. As I've said so many times, the downtrend is still intact. BTC never made a higher high. Even in December, I warned that if BTC rallied to the 10,000 area, it would still be nothing more than a lower low, since the October high was 10540. In Febrauary, BTC rallied to 10483, and that's technically a...

MagicPoopCannon

XRP has clearly broken down from a head and shoulders pattern, as price failed miserably to recover above the 61.8% Fibonacci retracement level in green. The size of this head and shoulders pattern is large enough to yield a price target in the 0.09 area. However, there is significant support between the current price level and 0.09. Specifically, the bottom of...

MagicPoopCannon

Looking at XRP here, and we can see that price has continued to consolidate sideways since the big February decline. We can see here that price has failed to recover above the 61.8% retrace for eight consecutive days. The 618 has acted as severe overhead resistance. Additionally, price is below the 50 day MA (in orange,) and the 200 day MA (in purple.) So, XRP is...