MFinlow

MFinlow

this could be outlook for the DOW JONES index

MFinlow

here is a rough idea with Elliott wave theory

MFinlow

key: dark blue lines are day yellow lines are yellow white lines are month red lines are patterns (descending triangle) what we have here on the daily time frame is a descending triangle winch means the price will probably brake to the down side Also u can see that yesterday we had a candle up to the months high at 6,325 and got pushed back down to blue line...

MFinlow

based on what i have said with the chart i suggest waiting for the bullish hammer to be verified with the end week close if we have a bullish candle during this week then next week i would look to see if there is a trade opportunity

MFinlow

As you can see this is what could happen in the next depression were about to enter into ??

MFinlow

As you can see bitcoin has failed to stay above $10.5k the targets i have shown are where bulls will either defend or get rejected i expect the last target to be where we see a bull market start

MFinlow

as you can see we have formed a double bottom on the weekly and started a new uptrend with a lower low

MFinlow

looks like bulls have failed to get above 6100 next target will be the flag pattern

MFinlow

here is the next target look for a conformation before trading

MFinlow

possible targets once we brake

MFinlow

As u can see i have drawn out Fibonacci retracement from last years high to low we had in April this year. you can see the bulls have failed to get above the the price of 709.2 and is now showing a bearish outlook. There is support at 223.4 back in 2009 when bulls sharply bounced off wait for price to develop before going long at the support .

MFinlow

as u can see on the 3H the UK 100 has made a lower high and has fallen though the 0.618 fib line i have mad a short position as u can see

MFinlow

from TEZOS low at the start of 2020 to the high so far this year looks like the bulls are ready to send the price to next high as long as we stay above 2.8280 Level i would trade this once there has been a bounce off the 0.168 fib level

MFinlow

As you can see the bulls have failed to get above 250 USD

MFinlow

Here is my view on what could happen

MFinlow

As we can see on the daily chart Bitcoin has failed to stay above $7005 which is on the 0.5 fib retacement level. Bitcoin is currently being rejected by 0.168 fib level $6537 this shows the bulls are week and following a death cross signals sellers are stepping in to market expect volatility.

MFinlow

If the BULLS can brake out of the descending Channel then they have another resistance line at $8737.38. The bulls must brake the fist Fibonacci level which is the 0.236 for the trend to have a chance of turning from bearish to bullish. but as we see the 21 weekly MA has crossed the 200 weekly MA which could lead to a false brake out.