Yes, about to enter Subwave 4, retrace to some estimates I indicated. Then finish off the main Wave 5 of impulse. Then she'll retrace again, most likely to .618 or even lower. No guarantees folks, even with Elliott, which the closest thing to a guarantee in market forecasts. NFA
US dollar has been tanking in comparison to equities, but not against CNY it seems. Is it the CCP showing its ugly face or tanking economic power of China? Who cares. Charts suggest an undergoing correction on the Yuan Fibonacci alludes to some suitable goals. None of this is financial advice, do your own research, please.
Using USDCNY (Caveat- LINE BREAK CHART & small sample size) See what happens when MACD signal line drops into negative territory. Significant support line for bitcoin price. See Oil and Gold price effect on support line. Will coronavirus shut down bitcoin mining in China? What will happen when Chinese market reopen. Is bitcoin about to explode? Bahhhhhh...........
Wait for the days candle to finish forming before entering. Previous support zone has been broken.
Candle currently taking hammer formation, showing weak bullish sentiment.
Overall trend is also bearish.
Good luck! Feel free to let me know what you think.
China Debt Indicators
New Yuan Loans Jumped $481 Billion
Shadow financing up first time in 11 months
Interbank borrowing at 6 month high
1800+ new trust products sold this year
Banks +22% wealth-management products
Margin debt in the stock market surged
Investors seem to have started shifting their focus from equities and rates onto the US dollar. We believe that if this dollar rally accelerates it will be a major headache for emerging markets i.e. China, India, and Russia. In part 1 of this report I would like to talk about the Dragon the Eagle and The Elephant, first let’s start with the dragon; China.Over...