DONATE & Share Post Your Content On Smart Money Management

Follow by Email

Search This Blog

Saturday, October 10, 2020

Retrace -- and it's gonna hurt. IXIC AAPL GOOG SPX DJI BTC ETH

Retrace -- and it's gonna hurt. IXIC AAPL GOOG SPX DJI BTC ETH

NASDAQ COMPOSITE NASDAQ:IXIC

The correlations between BTC , crypto, and the larger marketplace are already established.
While there have been numerous short term trade ops in the oscillations, we are approaching a necessary retrace after redlining market into the ceiling.
The beauty of BTC (and ETH, but I view the smaller Alts as derivatives of the larger, riding on the market sea that is predominantly BTC .) Alts gained stability and market share when they could be traded directly into a USD/Tether/stable value.
But the BTC market provides 8x 4hr interval candles to NASDAQ's 2x each day.
What we're seeing in the past 24 hours is the continuation of the same wave formation on crypto that won't be traded in major markets until Monday morning.

It's not a bull flag . Its a big, fat bear pennant on the supercycle. Market has been riding the fallout growing oscillations since Dec 2018.
Beat the mid-September high and prove me wrong.

My prior wave analysis was invalidated with the ABC correction of the larger cycle B wave, but I think we're seeing a ABC uptrend wave on the larger 12345 downtrend wave through Jan-Apr 2021. But the criplping C wave is coming -- in October -- after a -13.4% A wave.

Top of channel based on IXIC trend since 1973, the Obama-era channel after the Fanny Mae recovery, Trump redlining into the both ceilings ~late 2018 (and the subsequent market drop ) and most current wave cycle since March.



from Trading Ideas https://ift.tt/36S73F3
via gqrds

No comments:

Post a Comment