There are a few things to discuss on this OPUSDT chart and they all revolve around the huge wedge we are currently in. Multiple tests of lower diagonal - We've tested the lower trendline of this wedge about 7 times already. A breakdown of this structure would indicate buyers have lost control and sellers are taking over. Fewer tests of upper diagonal - The...
TL;DR - bearish below 3807 The last update I posted publicly here on TradingView was one where I said it was likely we'd see a bottoming formation. Not long after that, SPX and the market as a whole put in a very large 2-day winning streak. This winning streak was fueled by bulls and by bears getting squeezed out of their position. We are in a bear market and if...
As an update to the idea I shared back on September 9th, we did make that rally on Monday to ~4100 as I stated and also I said we would have no idea what the catalyst would be, but we would break down. Look at the evidence. Now that we are where we are, I always look at evidence of a bottom forming. Right now, the only thing somewhat bullish is the way Friday...
Disclaimer: I'm bullish long term on crypto. Is it possible Ethereum can go to $20k? There's a clear invalidation level to take a trade based on this if you can be patient. Let me talk through this complicated and truncated wave 3: First we start with a leading diabonal back in March of 2020 that barely retraces at all. Bears were calling for lower prices. As...
The first thing I want to bring up is I'm a long term bull on bitcoin for several reasons that I won't get into here. Now that I have that off my chest, lets look at the most important things with bitcoin right now, that is moving averages ! The 100EMA and 200SMA, that is the 100 exponential moving average and the 200 simple moving average on the daily...
There is a little hopium on Gold. The fact that it hit the 61.8 retracement on the drop back in mid-June shows some signs of life in an asset that everybody hates. It is possible to make money with Gold but you have to be very calculating with it. I see an upside target of about 1950-1980 from where we are. Certainly this could take many many weeks to play out,...
Here's some detail on my short idea on Walmart. I'm giving you plenty of time to plan for this. We've seen a clear impulse on this little guy but I expect that things have stopped in late 2020 as we've been moving sideways for about 18+ months. I expect this to continue for about 2 more months. The closer we get to 21 months (if you've been following me, you know...
The US Dollar Index has been on an absolute rip lately and reaching parity with the Euro. This is about to change with more and more people talking about it. Looking at UDN which is a bearish ETF of the US Dollar going back to 2015, we're approaching the lower rail of this downtrend. There have been many ups and downs, and I believe there's going to be a shift....
Back in March, I estimated that NVDA had topped out and I was estimating that it would retreat back to approximately $100 - Well, it would appear we've cut a significant amount of value off the stock price and markets are continuing to dive. What next? From this juncture, I believe July is possibly going to be bullish, but I will continue looking for shorts. I...
Right now we're fighting at some strong resistance here around 45k, but we've tapped 46k a couple times already. This is important and has created a KEY LEVEL for BTC to conquor. Once we break through 46k on a daily candle, I think we will see 53k quickly. This is all dependent on a break of 46k. Not ready to go long quite yet and I made my spot repurchase back...
Price action on XRP suggests there's a potential impulse forming from the lows in late January around 55 cents. Expected price movements suggest a possible wave 3 in the works that should find some resistance around 80-84 cents. I would expect there to be some kind of a reaction at that price point, especially if you focus on key levels (look left). After some...
Looking at NVDA since their IPO, there's increasing confidence that NVDA has put in a top and is in a bearish trend for the next 1-2 years. I'm currently looking at December 2023 for NVDA to find a bottom around $100. That may sound crazy, but you can see the counts I have outlined in the chart. The 23.6% extension is sitting right in that zone for a wave 4....
Hey everyone! I'd like to point out a medium risk trade but one that could have a decent reward. This particular asset has been in a slow bleed after poor earnings back in the beginning of August but my indicator is suggesting that there's a decent probability that this is done selling off and could be setting up for a 17% run up to approximately $23. Why $23 and...
It's as simple as this. We've had a parabolic move and we spent a couple months in the 50-65k distribution range and now we're in a reaccumulation range. Looking at elliott wave theory, There's a chance we're bottoming right now (potentially down to 26-28k) and will start to see a movement to the upside. I bet it comes in July or August then I believe in...
I am starting to be very bullish on 10 year bond rates. This chart looks like we created a bottom last week after creating a major bottom last year. People forget that things don't keep going up and, well, people got their faces ripped off in 2019. In 2020 there were signs of a bottom. I took a trade a couple weeks ago that profited on the drop in rates and I've...
Market correction is imminent. I've posted several big wins recently and now I am sitting in cash and have hedged short on SPX. As I've mentioned in my videos as of recent, NDX made new highs and is also reaching a point of exhaustion. Individual stocks are very strong but the market is due for a larger corrective movement. I'm expecting SPX to make a move to...
Thoughts and ideas are my own view. Now, I've been in a trade on TLT for a little while now. About 2 weeks. It's quite obvious there's a couple things going on here: 1. A reduction of downward momentum that ended in mid-March. 2. A move up followed by a corrective move to the downside which did not make a new low 3. Our indicators indicated we were about to...
Thoughts and ideas are for educational purposes only. Similar to the TLT idea I posted not that long ago, I'm also expecting these T-Bond futures to have continues upside in the near future. Within the next month, I'm expecting a move into the mid 160s. The entire corrective cycle is complete from what I can tell and we've attempted to break through this...