Typically the upside breakout of an ascending triangle will travel 1X to 2X in distance equal to the height of the triangle at its widest point. This would imply an advance toward 86 and possibly toward 88. $USD/INR. The best way to play this is with Singapore futures IMO
Cathie Woods was the wonder lady/girl/woman/female of Wall Street a few years ago, prior to an 82% stock price correction which made her a candidate for the GOAT (the actual animal). But I am now interested in owning the shares of her company.
The massive ascending triangle completed in Mar 2023 has met its 1X target at 275,000 Yen per Oz. It is quite common for such a large pattern to eventually fulfill a 2X target. The daily chart is coiling into a pennant that should be resolved by an upside breakout. Tactically my trade is to buy Gold futures and sell Yen futures with an approximately equal USD value.
The bear market rally in Bonds concluded with a rising wedge. The pattern would indicate a return to the lows, which is exactly what the Fed should force. The view that the Fed has turned dovish is incorrect. The Fed fully understands (or hopefully so) that a moderate or even severe recession is far better for the U.S. long-term than would be the cessation of...
According to Edwards and Magee, Technical Analysis of Stock Trends, 1948, the expanding or inverted triangle is typically a bearish manifestation. While in the case of Bitcoin I do not think the pattern will produce a bear market, I do think that the advance from the early Jan low has gotten ahead of itself. I would anticipate a broad trading range at this time.
I had wanted a better formed right shoulder for the H&S bottom in Bitcoin, but the current RS is acceptable. However, in that the RS is stunted, a breakout could then chop around at the neckline for a time.
The chart of Gold expressed in Japanese Yen has remained in a very tight weekly closing price range of 7% for almost a year. The boundaries are clear as an ascending triangle. This is a trade I will lean into hard by buying Gold and either selling Yen futures or buying USDJPY spot in approximately equal USD values. JCB will continue to inject money into the...
Perhaps the decline on Feb 9 was the start of a milder correction. Perhaps it was the start of major correction or even the recommencement of the previous bear trend.
Even if the decline was part of a milder correction, it is almost NEVER that just one hard down red candle ends the correction. So, at a minimum I would expect another hard down candle.
The correct interpretation of the bottom in Bitcoin is a double walled fulcrum, bordering on a compound fulcrum. This is an EXTREMELY rare chart construction. The initial target of 25,500 is within striking distance, and it is EXTREMELY important for Bitcoin to reach this level quickly, lest severe testing the fulcrum could occur.