Weekend Update: Coverage List Updated
SP500
Last week the SP500 hit a new local high and began its retreat. It is my primary analysis that we have topped are now starting our pathway to the 3500-3200 levels. The Purple ALT count suggests this was just the “a” wave of our larger “B” and we will be mired in this quagmire until end of year rising as high as 4600 only to retreat to new lows in spring of 2023.
First level to breach that begins to take purple off the chart is 4080, then 3950. At that time purple will seem highly unlikely. Until new lows are realized purple is still a probable pattern. The average time frame of a bear market in the SP500 is 10 months. That date is October 3, 2022. The black count certainly matches an average run of the mill bear market conclusion.
Bitcoin (BTC)
Since posting to my followers about Bitcoin topping, the CC has lost almost 20% of its value. I believe like so many of the CC charts I follow that OML will complete our wave 1 down to $15-$16,000. I’ve commented about ALL RISK ASSETS TOPPING AT ONCE...The same will be true in the coming months as it appears most of the charts I follow will be staging some massive bottoming event around the October November timeframe. If looking to short BTC wait for the wave 2 retrace and use a stop.
Ethereum (ETH)
ETH has broken out of the box and is headed down. ETH’s chart pattern is pointing it to a high $600 conclusion. Please do not Direct Message me and ask what will be the event that would cause such thing. Like you, I have no idea. Maybe the news media finds out ETH has been cheating on Solana with Bitcoin and the cancel culture comes for the Crypto Currency....lol. One thing I do know is that traders will find justification to sell ETH to new lows. It will interesting how many traders will say ETH had bottomed if it had not been for (Yada Yada Yada). Ok...if you say so.
Solana
With OML over the weekend SOL should have a completed wave 1 down. The retraces have been shallow so I’ll remind my followers that going long is highly risky. However, we are getting to the latter points of Fibonacci price extension so I do expect a retrace to commence after OML. I caution my followers against going long as Solana (unlike ETH and BTC) did NOT hit its standard extension in wave IV and has been the weakest chart of the three. If this continues on the downside, I have wave 5 of C extensions on my daily chart all the way down to $12. Once we have a clear wave 2 of 5 retrace in place, and provided it is a standard retrace...I may initiate a short on SOL.
Best to all,
Chris
Last week the SP500 hit a new local high and began its retreat. It is my primary analysis that we have topped are now starting our pathway to the 3500-3200 levels. The Purple ALT count suggests this was just the “a” wave of our larger “B” and we will be mired in this quagmire until end of year rising as high as 4600 only to retreat to new lows in spring of 2023.
First level to breach that begins to take purple off the chart is 4080, then 3950. At that time purple will seem highly unlikely. Until new lows are realized purple is still a probable pattern. The average time frame of a bear market in the SP500 is 10 months. That date is October 3, 2022. The black count certainly matches an average run of the mill bear market conclusion.
Bitcoin (BTC)
Since posting to my followers about Bitcoin topping, the CC has lost almost 20% of its value. I believe like so many of the CC charts I follow that OML will complete our wave 1 down to $15-$16,000. I’ve commented about ALL RISK ASSETS TOPPING AT ONCE...The same will be true in the coming months as it appears most of the charts I follow will be staging some massive bottoming event around the October November timeframe. If looking to short BTC wait for the wave 2 retrace and use a stop.
Ethereum (ETH)
ETH has broken out of the box and is headed down. ETH’s chart pattern is pointing it to a high $600 conclusion. Please do not Direct Message me and ask what will be the event that would cause such thing. Like you, I have no idea. Maybe the news media finds out ETH has been cheating on Solana with Bitcoin and the cancel culture comes for the Crypto Currency....lol. One thing I do know is that traders will find justification to sell ETH to new lows. It will interesting how many traders will say ETH had bottomed if it had not been for (Yada Yada Yada). Ok...if you say so.
Solana
With OML over the weekend SOL should have a completed wave 1 down. The retraces have been shallow so I’ll remind my followers that going long is highly risky. However, we are getting to the latter points of Fibonacci price extension so I do expect a retrace to commence after OML. I caution my followers against going long as Solana (unlike ETH and BTC) did NOT hit its standard extension in wave IV and has been the weakest chart of the three. If this continues on the downside, I have wave 5 of C extensions on my daily chart all the way down to $12. Once we have a clear wave 2 of 5 retrace in place, and provided it is a standard retrace...I may initiate a short on SOL.
Best to all,
Chris
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