Friday Septeber 27th
I haven’t mentioned the Data this week, because the set ups were bullish and it didn’t seem like we were really quite ready for a pullback yet, but todays data is the data that the Fed often uses to gauge inflation, and that is to be released at 8:30. We should know pre-market if this data is a welcomed or not. We are starting to reach the timing for a dip into a dcl in the General Markets.
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SPX – We now have a new peak on day 37, so this is really a very right translated daily cycle and the next dip into a dcl will be a ‘buy the dip’ trade to start of the 2nd daily cycle.
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I’ve been waiting for some signs of life in THE SOXX, and the MU Earnings release pushed the semis higher. The SOXX actually gapped open, sold down to fill the gap, and rallied back up. That was pretty amazing.
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WTIC – After reversing at resistance, Oil sold off again, as expected. Volume is heavy and it is not even close to oversold.
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So ‘DRIP’ continued higher too.
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GOLD did small pop & drop, but it made another new high and should be R.T. On this current climb I would expect it to climb that 10sma until it is ready to dip lower into a dcl.
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SILVER is also climbing the 10sma. It is hard to say of we got a very early dcl around day 23 at that deeper dip, or a day 31 dcl, but this is a bullish set up either way.
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GDX has a similar count to Silver, so I have it here with the day 23 low and day 31 low as the dcl. That makes this day 14 or day 6, depending on which low you use. GDX made a new high yesterday.
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Crypto Stocks do look to be bottoming, so I’ll cover that below. Today is Friday, the last trading day of the week. Enjoy your Friday trading and your upcoming weekend!
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~ALEX
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YESTERDAY I MENTIONED THAT WE COULD SEE A FINAL BITCOIN SURGE, AND THEN THE DIP INTO A DCL NEAR DAY 60ish. I SAID:
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BITCOIN: so this is just a guess, just an idea. I have seen Bitcoin Burst higher only to fool everyone and drop quickly. See the Blue POP & DROP. Maybe we get a quick pop higher and then come due for that day 60 low. The POP would draw people in, the drop would drop them off, and the rally would have them chasing & pushing it higher. JUST A GUESS, Just a thought.
AND THEN BITCOIN STARTED TO SURGE YESTERDAY ON THAT DAY 52 …
BITCOIN: So today at 5 a.m. we see Bitcoin continuing higher on day 53 and…
BITCOIN: It is possible that it will try to tag that upper trend line, before it dips lower ad day 60 approaches. I do see several Crypto stocks now looking as though they are bottoming, so they may now enter the run higher and this may indicate that Bitcoin will break out to new all-time highs soon too.
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I do see Crypto stocks now looking as though they are bottoming. These could be ‘Buy the dip’ candidates when Bitcoin pulls back.
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WULF has been a leader. These can be extremely choppy, but $3 to $5.50 is a great move. This will be a buy the dip opportunity if it pulls back. It stalled on Wednesday and Thursday.
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HUT did a Pop & Drop yesterday at the 50sma, but it appears to have bottomed on a long term trendline in early Septembers sell off. It could drop to the 200sma or even back to that trendline if Bitcoin sells off quickly, we’ll have to wait and see. A drop to either place would make a large inverse H&S pattern.
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IREN also looks to have bottomed and the RSI is above 50% for the first time in months.
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MARA, RIOT, and a few others are still near the lows, but could play catch up quickly when the time is right.
