xtremerider8

xtremerider8

BTC seems to be repeating a 2021 pattern before it BO the black line & rallies to 69k. Similarly, it broke below the red trendline, broke above it & came down again & retested it. Is a big rally also coming? BULLISH SCENARIO: If BTC also breaks above the black trendline in the next few days, then it will also break above the ma100 & ma50 lines & also the Ichimuko...

xtremerider8

Last August 27 I already gave the bearish scenario wherein the FED continues even into a recession. The downsides were 350, 320 & 280 IF SPY breaks below 400 & 380. Today, Friday, SPY seems to be doing an oversold bounce. So let us assume the contrarian role against the market’s extreme pessimism. What if the market sentiment changes & the market suddenly realizes...

xtremerider8

In this weekly chart,ETh must hold the green support zone near wma200 @1260 for the cup & handle pattern tp play out. BULLISH SCENARIO: ABC has ended with wave C bottomed at 883 & a new EW cycle begins with a cup & handle holding the1260 green zone & a BO of wma20 is coming. BEARISH CASE: A wave 5 of C is still in the making which may make a double bottom near 883...

xtremerider8

This is a SPY weekly chart after the Friday FED speech signaling continued hawkishness till inflation drops to 2%. Spy has a history of making bulltraps (higher highs on this weekly chart) before plunging as seen in my several boxes. It was rejected by the black downtrend line from the 476.44 ATH (see black falling wedge) & also rejected by the horizontal neckline...

xtremerider8

Volume has been steadily decreasing since KARS fell from 52.31 ATH. It is preparing to cross above my Green zone which is at the intersection of weekly wma50 & 100 & also the Ichi cloud resistance. Once KARS holds 41, then 50 will be the next target. So watch out for volume to increase on BO. Not trading advice

xtremerider8

ZM will continue to increase user base in the next few years even if work-from-home subdues. It has made a perfect ABC correction with A=C & is has been consolidating in the pre-pandemic 102 zone since Russian invasion started in Feb 2022. The risk of worst-case scenario is very low compared to the great upsides if a new EW cycle begins after ZM breaks above the...

xtremerider8

The 2020 low of PLTR is 8.90 which it broke below to make an ABC (A=C) at near 7.21 my max pain zone. Max risk is only at 7.21 but the upsides are 8.90, 16 & 20. VERY GOOD risk to reward ratio. A new Elliott wave cycle may have begun if PLTR holds the green 7.21 zone. Not trading advice

xtremerider8

So far JNJ is outperforming the SPY as staples are a defensive play during uncertain markets. But if JNJ fails to break above my 170 yellow zone (also BO of the black falling wedge) in the next few days then a retest of the 163 green support zone is next. 163 is also a 1.272 Fib zone & also a retest of the blue upchannel base. This is an ideal spot to end the...

xtremerider8

TAN solar etf together with its main component ENPHASE energy has been on a tear lately. ENPH made a W-pattern in 2021 & is again repeating it this 2022. It currently made a double top at 283 but shows no sign of rejection yet. If it retraces then the W=neck at 222 will be retested. But if it breaks above 328, then the Fib 1.272 at 328 will be the next target. Not...

xtremerider8

If BABA fails to hold the psychological 100 yellow zone, the the green 87 zone may be retested due to low volume below 100. Breaking 100 will also mean breaking below the red uptrendline as well as the Ichi Cloud in daily chart. However if BABA holds 100 & the uptrendline, then we may see upside targets at 110, 120 & even 130. Last July there was a 2-day false BO...

xtremerider8

AMZN has been making an ABC correction since the 188 ATH. The decline was very fast once it failed to hold the 150 volume profile zone. It has retraced exactly to 101, the 0.854 FIB of the 82 pandemic low to ATH. There was a little bounce but AMZN basically is just hovering around the 2016 TL while consolidating inside my red box without breaking the downtrend...

xtremerider8

ITA has been in a downchannel even before invasion. It only overshot during invasion to make an ATH @113.37. Since then, it made an ABC corrective wave & came back down to retest channel base near the 93 zone. BULLISH CASE: it bounced after retesting channel base @93 but was stalled by ma50.. 93 is a VOLUME PROFILE zone & is the Fib 0.382 retracement level. It is...

xtremerider8

XME is one of the few etfs that still have a large upside in an environment of high inflation & supply chain issues especially those related to EVs, batteries, semiconductors & renewable energy. 82 will be the measured move of a bull flag BO. 82 is also a confluence of FIB 1.618 & 3.0 & 0.786. 39 is a very strong support so this support will hold & therefore gives...

xtremerider8

BTC shorts shows that it has approximately 63% more to drop to key support. That may take BTC at least to the 28-33k level from current 20/21k before the shorts bring in a bigger correction sometime in August2022. I do this as a hobby & not for trading advice.

xtremerider8

DXY seems to be making sort of a W-pattern with double bottoms at 89 & double tops at 103. Last week it reached 108 almost touching the red upper downchannel (started from the 2002 120 levels) whose median was tested at 89. Dxy retraced & is resting at 107, the 1.272 Fib retracement of the 103 to 89 range if last week is a bulltrap (false BO from my yellow box),...

xtremerider8

GDX seems to be doing a BIG UPCHANNEL started from the 2016 low & retested at the 2018 low. If this lower channel is to be retested, GDX may bottom at the 24 green zone. This is the most probable since this is also the 2016 VWAP & the FIB 0.618 retracement from 2016 low. However, if you look at the VOLUME PROFILE, then GDX may fall more to the 21 zone to create a...

xtremerider8

Crude oil futures CL1! Is making an ABC zigzag correction & may reach 92 where A=C. 88 is the 0.618 Fib retracement while 85 is the Nov2021 Top. This strong support zone will enable crude oil to retest the blue upchannel base before resuming rally thru 2022. Crude oil is falling due to recesion fears & demand destruction. This should be temporary due to the supply...

xtremerider8

The smallcaps Russell 2000 futures RTY1! (also the IWM etf), a leading market indicator like the transports, may complete an A=C correction ending in the volume profile zone near 1500. (IWM seems to be consolidating in tranches of 200…ex…230, 210, 190, now @ 170 & maybe 150 around 4Q2022.) This will complete the final wave 5 of C-wave. As you can see in this...