February 9th – Weekend Change
Let’s discuss last weeks activities and the expectations of what is likely to come…
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SPX WEEKLY – Here we see a weekly DOJI formed and it formed at the 50 week MA.
NASDAQ WEEKLY – The NASDAQ was rejected there and left a form of a topping candle too. I have been saying that I expect a pull back into a dcl. These markets may have topped for now at the 200 sma on a daily chart, as expected.
WTIC WEEKLY – Oil dropped for the week, but is above support. I stepped aside to watch how this plays out. Lets look at the Energy sector.
XLE DAILY – The XLE & OIH Both bounced off of the 50sma on a daily basis ( looks bullish), but the XOP crashed through . This does look bullish, but I am on the sidelines for now.
USD WEEKLY #1 – The USD moved higher off of support, but may be forming a large weekly bearish rising wedge. It can move higher, and this may cause GOLD to pull back further. Lets zoom in on the USD WEEKLY…
USD WEEKLY #2 – This looks very bullish when I zoom in on the weekly chart, and even though it doesn’t seem to be pushing Gold down all that much ( yet), a move higher could bring Gold down further. Let’s look at Gold.
GOLD WEEKLY – Even though GOLD moved higher Friday and looked bullish on a daily chart, it formed a weekly Hammer or Hanging Man (bearish candles). That can be a topping candle, and I do expect a L.T. Daily cycle, so Gold may pull back next week, and the USD should rise.
SILVER WEEKLY – Silver reached a resistance zone and has stalled for 2 weeks. I would expect Silver to pull back or go sideways for now.
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GDX DAILY – The Friday reversal ‘looks’ bullish, and it may be if it gets follow through, but this also may be forming a ‘Tower Top’. Let’s look at the weekly chart…
GDX WEEKLY – This is possibly a weekly topping candle too. Miners looked bullish at Fridays close on a daily chart, but look at these candles in the past , circled in Magenta.
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GDX WEEKLY – But The Big Picture really is VERY BULLISH. This is a shake out and recovery for one thing. We also now have a break out and back test and a push higher. The next pull back will be a Buy if it drops to an ICL.
It has been mentioned that INDIVIDUAL STOCKS can ignore the pull backs and we’ve seen that with AU, Kl, etc. Let’ take a look at something else…
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SBGL – This was forming a base, but a break from a base can get very bullish. SBGL has suddenly been very bullish over the past 10 days ( Thanks for the email Brent).
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AUY – I like the way AUY acted after dropping to the 50sma. It went straight up as GDX moved out of the dcl, and now looks to be forming a bull flag. 
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So some Miners are still at the lows like NG, EXK, NSRPF, NGD, etc & other Silver stocks , others seem to be stretching out. The next dip would likely be a good buy on many of these.
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NSRPF – Once a very strong runner that everyone wanted to own, NSRPF is now still forming a base at the lows as it bounces along the 50sma.
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So along with pull backs you often get good buying opportunities, and that is something that I’ll be looking for moving forward. The Big Picture idea hasn’t changed, but things have progressed. The General Markets may be topping, Oil is sideways at this point, and it may be time for GOLD, SILVER, and the Miners to pull back as the USD pushes higher. We will look for a buying opportunity when the pull backs look to be complete.
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Enjoy the rest of your weekend!
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~ALEX
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From September 2017 to JAN 2018, I was trading blockchains stocks like RIOT, MARA, MGTI, DPW, etc , and the gains were BIG. By December 2017, I wrote an article where I called for a possible parabolic top to form in BITCOIN. I then said that it would be a long while until it was worth looking at again. I drew many charts that followed up to that top . The charts below were in reports at that time …
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I WAS WATCHING & TRADING THE MOVES USING CYCLES
IT WAS GETTING TOO STEEP
Just like our current General Markets, The BIG drop to the next ICL. We would watch the first bounce out of that drop, and see if it continued higher or was that all we’d get? …
It was game over until it now forms a long base. This base looked very good actually in October, but it broke down & crashed, leading us up to now…
A crash and a mini-base.
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BITCOIN DAILY – Cryptocurrecies put in a MINI CRASH in November and then built a base.
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On Friday afternoon, I came back from lunch & suddenly noticed that a whole list from 1 sector ( of what I have on my watch list labeled as Bitcoin/ Blockchain trades) had Popped and they popped in a big way. With that I looked up BITCOIN, LITECOIN, ETHEREUM, etc and they all seem to have based out again, and now MIGHT be looking to move upside.
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That tiny POP on Friday could have BITCOIN start a recovery run to resistance, as drawn here. THIS IS JUST A GUESS ON MY PART BASED ON THE RECENT ACTION, BUT WHAT FOLLOWS IS WHY I AM GUESSING THAT IT MAY BE ‘TIME’ FOR A SMALL RECOVERY…
MANY of my Block chain stocks POPPED, and some popped BIG ( 30%, 50%, 80%) on just that little Bitcoin, Litecoin, Ethereum, etc move Friday. Bitcoin trades 24/7 – so you can see if it is up over the weekend or not .
Let’s take a look…
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NETE DAILY – This was already acing correctly and is now pushing on the 50 & 200sma, so I wrote in the comments that I was starting a position, JUST IN CASE it breaks out Monday.
RIOT DAILY – This one has been declared ‘sketchy’ as a business buy some, but it still POPS & RUNS when the block chains go. It has also already been acting bullishly, above the 50sma, and formed a long round base. It’s been slowly moving higher and POPPED 24% Friday with strong volume.
DPW DAILY – DPW is a penny stock that trades on the AMEX, so you can still get in & out quickly. It popped 15% with very big volume, so I started a position under 11 cents.
MARA DAILY – This popped 33% with volume too, and notice that it was also already acting bullishly .
HVBTF DAILY – I love this chart, period. This is a penny stock, OTC- but it is a beautiful textbook bullish chart actually. When I see a normal chart Pop over & ride the 50sma like that, I buy that next pop ( I didn’t buy this because I was away most of the afternoon, and this was up 18%, but I love the chart).
MGTI DAILY – BOOM! This Popped 80% and closed up 50%, but doesn’t it look like it is just getting started?
SO I AM JUST PUTTING THESE HERE TO GIVE AN EARLY NOTICE. IF CRYPTO-CURRENCIES START TO RUN HIGHER, THESE CAN BE GREAT TRADES. WARNING: THEY MOVE LIGHTNING FAST, and 80 % gains on Friday, can drop 40% Monday, then higher 20% Tues, Wed, Thursday, and down 35% Friday. It gets that crazy, SO THESE ARE NOT FOR EVERYONE. I bought NETE & DPW , because they move a bit more ordinary, until I get a feel for what this sector as a whole wants to do. I traded RIOT from $7 to $20+ on the last run. It was crazy fast and hard to watch day after day, but very rewarding. This is the heads up that this sector may be turning Bullish for a month or so, and I may show some trades, but it is NOT for everyone. NEVER risk more than you can comfortable lose a good chunk of, KEEP POSITION SIZE REASONABLE. Enough said for now 🙂
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MJ STOCKS : I am trying to see if these MJ stocks (using weekly charts) may be pausing. Some look like they may, others do not yet . I will show just a couple of the ones that seem like they may pause and you can check yours.
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CGC WEEKLY – This could pause, go sideways, and form a cup & handle, right? It looks like they could be pausing with the general Markets. I have closed some positions ( like HEXO) and cashed in on 1/2 of other ones last week).
CRON WEEKLY – A topping candle , so That looks like a top for CRON, but it had an excellent run.
THE MJ ETF WEEKLY – So this has formed these reversal candles and stayed at the top for another week or two in the past. See the chart, Blue vs Magenta writing. That makes it a tough call for me to make, but they didn’t run a lot higher from here, they got choppy & toppy, so it may be time to lock in some gains. It has been a good run.
