Tuesday June 18th

I just found out that the stock market is closed tomorrow, Wednesday June 19th in the U.S., so please keep that in mind. We will have trading today, Markets closed on Wednesday, and then we return to a good amount of Data on  Thursday, as seen here.

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The SPX has now reached a day 40 ‘peak’ and it is due for a dip into a dcl and we clearly see 5 waves up, but it remains bullish. An alternate count would be to call day 29 a dcl and this would be the 2nd daily cycle, but day 29 seems earlier than usual, so I feel that the dcl dip should still be ahead. So we will see trading today, then a day off, and then the Jobs report

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WTIC – Oil actually surged on Monday and broke through the 200sma, but was stopped at the 50sma. Oil sold off sharply 3 weeks ago, but that was only a day 30 low (Oil often runs 45-50 days). Now we’re seeing a V-Bottom and some renewed strength though, so could this be a new sign of strength out of dcl or even an ICL? If it breaks out and closes above that 50sma, I’d start to think so. That downtrend break is bullish too, but…

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Oddly though, THE XOP is not showing strength at this point. This weakness comes with Oil surging out of a V-Bottom AND ALSO with the General Markets making new all-time highs, so it seems that Oil will drop again, but we’ll see.

 

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THE USD is chopping sideways as expected, but we’ll see how high it can go. I expect a dip with Gold, so the USD might pop even higher.

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GOLD is chopping along under the 50sma, but it is due to make a new low, a dcl, so I think that we are seeing a bear flag. I am expecting Gold to break below the last dcl to give us a ‘failed dcl’ too. In fact…

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GOLD is now on day 32 and this is when past dcls used to come in, so one final slam down to a new low would possibly give us our dcl that breaks the prior dcl and we’d have our failed daily cycle too.

SILVER-  today is day 32 for Silver too, and that is when a dcl often comes in for Silver too. This has been a long choppy drop, but it is still holding support. For a dcl, I’d like to see a quick break of that 50sma and then a recovery (A shakeout & dcl).

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After a long choppy drop here, The GDX ETF also has not broken below the last dcl, but it is due for a dcl right now too.

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As far as I know, Gold & Silver might trade tomorrow while the markets are closed in the U.S., and if they do, they could even put in a dcl today or tomorrow, so that added another ‘situation’ to consider. We are now due for daily cycle lows to develop in the General Markets and Precious Metals, but the U.S. markets are closed tomorrow. Like they say, “You just have to play with the cards you’ve been dealt’. Enjoy your Tuesday trading and we’ll see what happens before and after our 1 day break.

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~ALEX

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I had this chart in the weekend report and I said:

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BITCOIN DAILY –  I just want to be clear that for me, it is ‘Do – or – Die’ Time. We should see the next run higher from this mid-point area with the count now near the 30 day mark, or else this is likely to become one long consolidation and the day 60 (ish) low will come in at the lows, as seen on my chart.  I also pointed something else out bout the count, and I want to review that next…

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BITCOIN DAILY –If we just pick up and count from the lowest point on May 1st, we find ourselves at day 47 (This actually broke to a new low over night too). This would have me expecting a continuation lower to make that massive inverse & shoulders pattern that I pointed out, with  dc ahead, but many of the Crypto stocks are –in a very choppy manner— rising higher as Bitcoin drops. I’ll show you that shortly.

 

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I also showed this count for BITCOIN – If we had a dcl inside of the small triangle, we’d be at a midpoint low, but like I said, this DID break to a new low last night, so…

A DIFFERENT PERSPECTIVE: Another new low , but an important point!

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BITCOIN DAILY – Let’s just take a fresh look at Bitcoin from a completely different perspective and that is that:

1. As Bitcoin drops lower here, over the past 12 days or so…

2. Several Crypto Stocks are bullishly moving higher.  So take a look at this steady drop and we’ll look at a few of those stocks. This is basically a 2 week dip lower…

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BITF -This does not look like a weak crypto-miner, does it? Bitcoin selling off for 12 days and we see this? Volume is coming in and price is pushing higher. Bitcoin is dipping lower?

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BTBT does not really look like it is ‘selling off’ during Bitcoins recent dip lower either, does it?

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HUT has been slowly rising up out of the lows. This is a choppy, bumpy, difficult to ride move higher, but it was a $7 to $12 move out of the April lows. It has broken from the base now and this also looks bullish.

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CLSK was up over 8% yesterday and it also seems to be trying to breakout from a long consolidation. It has had 5 days up and out of that $14 area, with Bitcoin basically selling off.

CAN has been very choppy, but it started to POP yesterday, here up 13%, but closing up 20%.

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I don’t need to tell you about IREN and WULF, do I?

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WULF is up over 100% in June alone: With Bitcoin selling off?

These have been quite bullish, and there are others too. Remember that Bitcoin has basically been selling down over the past 12 days with a pop here and there. I think that these are now slowly being accumulated as they consolidate, for the next move higher. They can be choppy and difficult to ride at times, but I think that the current price action is saying a lot about what they can do once Bitcoin flips higher.

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IREN was sought after by RIOT as a buyout candidate, but we were buying this one before that offer was known, because it broke out from the base near $5. IREN is now $15.

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