I had wanted a better formed right shoulder for the H&S bottom in Bitcoin, but the current RS is acceptable. However, in that the RS is stunted, a breakout could then chop around at the neckline for a time.
The chart of Gold expressed in Japanese Yen has remained in a very tight weekly closing price range of 7% for almost a year. The boundaries are clear as an ascending triangle. This is a trade I will lean into hard by buying Gold and either selling Yen futures or buying USDJPY spot in approximately equal USD values. JCB will continue to inject money into the...
Whichever way this pattern is resolved should set the direction and magnitude of ensuing trend.
Advance in Asia on Monday completed a H&S top failure buy signal
Perhaps the decline on Feb 9 was the start of a milder correction. Perhaps it was the start of major correction or even the recommencement of the previous bear trend. Even if the decline was part of a milder correction, it is almost NEVER that just one hard down red candle ends the correction. So, at a minimum I would expect another hard down candle.
The correct interpretation of the bottom in Bitcoin is a double walled fulcrum, bordering on a compound fulcrum. This is an EXTREMELY rare chart construction. The initial target of 25,500 is within striking distance, and it is EXTREMELY important for Bitcoin to reach this level quickly, lest severe testing the fulcrum could occur.
Factor Prop account went long at the bear trap and we took what equates to 1/3rd profits at these levels. We will remain alert for a proper correction. Our long term target in Gold is 3,000-plus based on a monthly chart Cup and Handle.
Bitcoin has been very predictable with multiple X advances followed by 80% declines and multi quarter consolidations prior to new ATHs and then another multiple X advance. I do not expect Bitcoin to run away to the upside, but rather work higher toward late 2023/early to mid 2024 when the ATHs are retested.
The chart of $DJP, the Dow Jones Commodity ETF, if forming a descending triangle, which typically is a bearish manifestation on the charts, particularly when it occurs as a continuation pattern. I will take a short position here if a BO occurs.
Prior to major moves, the Yuan forms basic classical charting patterns or formations. The USDCNH can be profitably traded using weekly charts
The decline today has completed a massive H&S top in the FTX token. On a decisive move and close back above the neckline would negate this pattern.
The advance in the U.S. Dollar Index from the early 2021 low remains very much intact. The monthly chart has an unmet target of 120-plus, so this for now is where I think the USDX is likely to go as long as the parabolic curve is not violated.
The H&S bottom previous mentioned has now been completed. SHIB is in a bull trend now.
SHIB/tether is forming a classical bottom pattern that could launch a very strong advance
A continuation congestion is in the late stages for the Dollar to scream another upleg against the Offshore Yuan
Whether from recent lows or slightly lower lows, Gold is preparing for a major bull trend. The weekly chart displays a massive multi-year Cup and Handle with a smaller Cup and Handle appearing in the Handle of the larger pattern. My target in Gold is $3,400.
The case can be made that a massive and perhaps permanent top has been completed in ETH. This top would indicate an eventual decline to 90.
If the USDX can clear 106 the chart indicates a strong trend toward 119 to 120 is possible