We like the agriculture sector here with the one of the if not the largest flooding in history for the Midwest. The chart is extremely oversold on weekly and monthly time frame, the daily pattern has a lot of potential and the fundamental could be changing quickly with this flooding (more rain coming and melted snow from up north not arrived yet).
My "in house" composite index seems to have bottom right at the 88.6% retracement.
Having completed a beautiful bullish wedge, the coming rise in the following weeks should be massive.
A breakdown below the recent lows would invalidate this view.
Bitcoin has been making a base near 5800 over the last few weeks but ETH was lagging and just reached its low, near...
After a long and deep pullback, cobalt related stocks seem ready to rise significantly from their extreme oversold condition.
The chart represents a "home made" index of of stocks from the sector.
As long as the recent low (trendline) holds the Elliott wave count is highly bullish.
Shorts positions (balck line) are getting extreme on Bitcoin at levels at which rallies have started previously. At least a short term bottom has been made probably.
Bitcoin price (red line) should rise in the coming days.
The correction of crypto currencies has ended I believe tonight, right on time for the EU crisis.
Bitcoin could almost double in a short time from here with a standard target in the 12 000 area.
Eventually I wouldn't surprised to see BItcoin reaching above 30 000 for this dynamic bullish wave 3.
The US stock market is really choppy but is starting to look more and more like triangles. That would be a running triangle on the QQQ , shown here, and a falling triangle on the DOW Indu.
We will have to wait to see which way the triangles break out before being certain of the Elliott waves count.
But for now, considering the high numbers of 3 waves patterns...
Is a market crash coming ? Rarely, in the last 30 years, have we had a US market price action (SP500) that similar to the days preceding the 1987 crash.
There is no certainty that history will repeat but it might useful to consider that it is at least a similar technical setup.
Time to be cautious on the long side, as long we don't make new highs.
TSX:NVO seems to have completed it's wave (2) of 3 correction, has started its wave (3) of 3, the most impulsive and powerful wave.
The break above the $6.4o area would invalidate the most basic bearish count and a break above $6.80 would give credit to the bullish scenario.
This idea is valid as long as the key support of $3.80/$4.00 area holds.