Everything Update 11.20.20
Taking a look at the weekly progress of multiple correlated markets and updated price targets: Bitcoin, Gold, Silver, USD, S&P500
Bitcoin
Excluding the March mayhem deviation in price, weeks ago there were hints of a parabolic trend starting to develop.
The breakout of a macro downtrend and weekly candle close above it was the buy signal.
Using macro fibonacci extensions I'm still anticipating a relentless squeeze with occasional dips to the longer term target of about $33,700, and will be watching for volume to start trending up.
US Dollar
Weeks ago it appeared a consolidation pattern was forming and momentum was to the downside.
I am still projecting one more leg down followed by a swift rebound up to the 200 week E M A. Eventually rolling back over to the longer term target below.
Gold
Not much changed with gold this week. Looks like a base is still building at the previous all time high levels.
Using macro fibonacci extensions, the intermediate term target is still 2300ish.
Next buy signal for Gold is a break out of the downtrend with the daily MACD above zero.
Silver
Weeks ago a consolidation pattern was forming.
Now that pattern has been validated and a breakout is imminent. Target 35ish.
Using the macro fibonacci extensions the longer term target looks to be around $58 or even $86.
SandP 500
Lots of speculation of a crash here. My thoughts are that reality lies somewhere in the middle and money will flow into the SandP stocks that have not fully recovered yet. I'm looking to buy short term dips, especially near the grey bars where heavy volume came in previously. If the dollar continues it's descent into the abyss then the SandP, along with all the aforementioned markets, will surely go up, up, and away.
Trading is risky. Don't do it and don't listen to me.
Long
Crypto: BTC, ETH
Gold: MGCG21, PHYS, GDX, other mining stocks
Silver: SLV, CEF
Other Equities: Oil/Gas stocks, TCEHY, BABA, and others
Bitcoin
Excluding the March mayhem deviation in price, weeks ago there were hints of a parabolic trend starting to develop.
The breakout of a macro downtrend and weekly candle close above it was the buy signal.
Using macro fibonacci extensions I'm still anticipating a relentless squeeze with occasional dips to the longer term target of about $33,700, and will be watching for volume to start trending up.
US Dollar
Weeks ago it appeared a consolidation pattern was forming and momentum was to the downside.
I am still projecting one more leg down followed by a swift rebound up to the 200 week E M A. Eventually rolling back over to the longer term target below.
Gold
Not much changed with gold this week. Looks like a base is still building at the previous all time high levels.
Using macro fibonacci extensions, the intermediate term target is still 2300ish.
Next buy signal for Gold is a break out of the downtrend with the daily MACD above zero.
Silver
Weeks ago a consolidation pattern was forming.
Now that pattern has been validated and a breakout is imminent. Target 35ish.
Using the macro fibonacci extensions the longer term target looks to be around $58 or even $86.
SandP 500
Lots of speculation of a crash here. My thoughts are that reality lies somewhere in the middle and money will flow into the SandP stocks that have not fully recovered yet. I'm looking to buy short term dips, especially near the grey bars where heavy volume came in previously. If the dollar continues it's descent into the abyss then the SandP, along with all the aforementioned markets, will surely go up, up, and away.
Trading is risky. Don't do it and don't listen to me.
Long
Crypto: BTC, ETH
Gold: MGCG21, PHYS, GDX, other mining stocks
Silver: SLV, CEF
Other Equities: Oil/Gas stocks, TCEHY, BABA, and others
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