Friday June 7th
Reminder: I am leaving at 4 am Friday for a 1 week vacation, so I need to release Fridays report tonight. I will still have the daily reports and I will try to be around for the Fed Wednesday afternoon too. The weekend report will have to be released on Sunday this week. Thank You.
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THE SPX DAILY paused, but it is looking like a 5 wave move into that Fed Mtg. At that time, the ‘timing’ would be right for a dip into the first daily cycle low. The markets can continue higher.
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WTIC DAILY – We are seeing the bounce in Oil, but at day 32, this is more than likely to drop lower over time.
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FROM YESTERDAYS REPORT: Could this run higher into the Fed and a dcl after? It could. I wrote…
GOLD moved higher on Wednesday. This is day 21, so it is holding up nicely, but we have 5 trading days to the Fed Mtg, so it’ll be on day 26 at the Fed. Will we get a dcl into the fed mtg, or a drop into a dcl after the fed to day 32ish?
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GOLD DAILY – I think many were surprised at the strength in Gold here at day 22, but we have seen gold peak at day 28 in the past. This may run higher into the Fed. And…
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As a reminder, I want to point out something that I pointed out recently:
That that last Intermediate Cycle was….mild on the pullbacks on daily cycle #3 & #4. That can repeat in a bull market.
SILVER DAILY – Silver is very interesting. I’m noticing that the last daily cycle bottomed on day 25, and we just saw Silver reverse at the 50sma on day 23. Was that the DCL? This COULD possibly be a dcl, and it may (or may not) ‘peak’ on Fed Wednesday as Left Translated.
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SILVER WEEKLY – I just wanted to take a glance at the Weekly chart and that is a bullish reversal for this week, after dropping down to the 10 week ma. This really is a bullish set up. It may be worth grabbing a silver stock or 2 for a few days.
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GDX reversed at day 29. This could be a dcl that peaks as the 3rd daily cycle, L.T. and another mild choppy pullback that follows. It has been choppy (even the pop out of the last DCL surged and dropped), but it does look decent.
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The Bulls just keep giving us surprises to the upside, and that is great, especially for any still holding a basket of miners. That said, as we head into the Fed Mtg next Wednesday, time may be approaching for a dip into a dcl if these are going to be L.T., so we’ll keep that in mind, but so far the ‘surprises to the upside in a Bull Market’ plays true again. Have a great Friday and weekend, Bitcoin is below and the weekend report will be out Sunday.
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~ALEX
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BITCOIN is back at the highs and we’ve been waiting for a breakout that could happen at any time. We also may dip a little, before that breakout. Please read the chart.
Some of the Crypto Stocks are performing better than others, and WULF, IREN, SDIG were running strong and putting in some big days lately. Iren actually doubled since Mid-May and I have to wonder…
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This is a good set up and so keep an eye on ANY. It popped 10% at the end of the day Thursday. I grabbed some just in case it runs while I’m on vacation.
