BTCUSD: Monthly BHG Confirmed; Now Targeting $146,000 - $174,000Bitcoin after bouncing from a Bullish Cypher PCZ and Breaking out of a Falling Wedge has back tested the wedge as support and has closed bullishly above the backtest and now we have a confirmed Break-Hook-and-Go on the monthly timeframe as well as Hidden Bullish Divergence on the MACD. If this is truly the bottom then I would think Bitcoin is likely to complete an AB=CD BAMM that will take it to a 1.618 Fibonacci Extension which sits at $173,805
BAMM
Banknifty Bearish 🐻Wolfewave with Bearish Bat 🦇Bank Nifty Analysis: A Confluence of Bearish Signals Across Timeframes
Our in-depth analysis of Bank Nifty across various timeframes reveals a compelling collection of bearish indicators, suggesting a cautious approach for investors. Among these, the Bearish Wolfe Wave patterns on both weekly and H4 charts stand out, alongside the activation of the Bat Action Magnet Move (BAMM), pointing towards a potential downward trajectory.
Key Technical Observations:
Bearish Wolfe Wave Patterns: The identification of Bearish Wolfe Wave formations in both the weekly and H4 timeframes suggests an imminent reversal from the current bullish trend to a bearish trend.
Bat Action Magnet Move (BAMM): This phenomenon indicates that the price is gravitating towards a significant level of resistance, potentially marking a pivotal turning point for Bank Nifty.
Proximity to Resistance Levels: The price is nearing a critical juncture as identified by Read the Market (RTM) analysis, specifically the Left Shoulder (LS) Kink, which aligns with a Maximum Pain Level (MPL) and a Minor Flag Limit (FL). This cluster of resistance reinforces the bearish sentiment.
Anticipation of New Supply Formation: Although bearish indicators are prominent, the formation of a new supply zone is eagerly awaited. Predictions suggest a brief upward movement towards the BAT Pattern Recognition Zone (PRZ) and LS Kink, where new supply could emerge, setting the stage for a significant downturn.
Elliott Wave Analysis: From an Elliott Wave perspective, the market is currently in a correction phase, with an expected follow-up of an impulsive decline mirroring the previous impulsive fall labeled as "A". This symmetry supports the forecast of a downturn, where "A" equals "C" in magnitude.
Observation on Divergence: The current analysis notes the absence of strong divergence signals. This lack suggests that, despite the bearish outlook, traders might benefit from awaiting more robust divergence indications before positioning themselves.
Conclusion :
The aggregation of technical indicators, including Wolfe Wave patterns, BAMM, and resistance confluences, directs us towards a bearish forecast for Bank Nifty. However, a strategic pause is advised until the formation of a new supply zone and the emergence of stronger divergence signals are observed. This cautious stance will enable investors to make informed decisions, leveraging the detailed insights provided by this analysis.
Visual Analysis Links:
Daily Timeframe Analysis
M15 Timeframe Analysis
ACHUSD: Bullish Consolidation Above Support LineBack in October ACHUSDT confirmed a Double Bottom at the PCZ of a Bullish Gartley and has since climbed back above the major Support/Resistance Zone represented by the green horizontal line as well as the 200 SMA and 55EMA and has formed a Channel of Ascending Consolidation.
In addition, it is doing this while trading to the right of a previously Bearish Trend line, so if we can get some true follow through from this action, I would be looking for a 50%, 61.8%, and 0.886% retrace target.
Simon Property Group: Bear Flag into Bearish BAMMSimon Property Group is going to close the month below a Bear Flag as the RSI breaks down and the MACD crosses bearishly.
If this Bear Flag plays out, it will begin to push SPG below the B point of this potential harmonic BAMM, which would only complete once SPG reaches the 0.886 at around the $47.30 level. SPG is simply yet another REITs play that I will be on the lookout for a major correction in.
BX: Evening Star Doji into Bearish BAMM Visible On the MonthlyBlackstone is about to confirm a Bearish Evening Star Doji on the Monthly Timeframe today and is about to break down from its RSI Channel. This could then escalate into a Bearish BAMM on the Macro that would take it all the way down to the 0.886 Retrace around $30.00
BlackRock, Potential Bearish BAMM Targeting $161.70BlackRock has some Hidden Bearish Divergence across a few notable time frames and is below many of the major Moving Averages after Bearishly Pivoting at a 618 Retrace, if we can continue down from here we will eventually break below the B Point and go for a Full Bearish BAMM break down to the 0.886 Retrace at $161.72
Safe Bulkers: 3 Rising Valleys Into a Bull Flag Bullish BAMM Safe Bulkers has formed 3 Rising Valleys with Hidden Bullish Divergence, and on the 3rd Valley, it seems to have formed a Bull Flag. Once it breaks out of the Bull Flag it will enter a Bullish BAMM that could take it up to the 0.886 all the way up to the 1.13 Extension as it enters an Alternate Bat Bullish BAMM.
HPQ: Bearish Head and Shoulders, Diamond, Dragon, and BAMM ComboHewlett-Packard, after making five macro waves up, has formed a Bearish Structure that can only be described as being a hybrid between a Diamond and a Head and Shoulders pattern, and along with that, it is also a combination of a Bearish Dragon and Bearish BAMM.
All of this is happening after HPQ faced rejection off of the PCZ of a Bearish Crab going into its 5th wave.
Here is a screenshot of the zoomed out chart that showed the biggest macro wave structure that is on the chart and where all of this is happening:
AMZN: Bearish Bat with Confirmation Could Take It Down to $42.99We have officially gotten PPO Confirmation at the Bearish Bat PCZ, as a result, I am now convicted to this trade and am even willing to lower my target back down to $42.99. We have broken trend on the PPO and Confirmed an Arrow at the PCZ; a move down to $42.99 would be the completion of a Perfect AB=CD BAMM and the Bearish Bat here just may act as our Early C entry to catch the more macro CD wave to $42.99.
ADBE: Bearish 5-0 Bearish Entry Anticipating PPO ConfirmationBack in December 2021, ADBE gave us a Bearish ABCD entry that led us into a Shark BAMM Pattern. Once it made it to the BAMM target, it bounced back up to where it is now. The interesting thing is that the PPO is looking like it's ready to roll over, and it happens to be at what would be a Potential Bearish 5-0 entry. If the PPO crosses below the upper extremes, we could see this go for a lower low, and if we are to judge how far it can go harmonically, I'd say it could go all the way to the 1.414, which would be the PCZ of a Potential Bullish ABCD.
For additional context, I have left the Bearish Entry setup from 2021 in the Related Ideas Section below.
OCEANUSD: Potential 3 Falling PeaksThere is a Potential 3 Falling Peaks Pattern getting ready to be confirmed when it cracks through the Confirmation Line, which happens to be around the 0.618 Fibonacci retrace. Upon breaking down the 0.618, I think it will just come straight down to the 100% retrace at around 11 cents.
SUGARUSD Confirmed the Bullish BAMM Trigger Line as SupportThis has been a Years Long trade and Sugar is nearly there at the 88.6% target, but I do think since we spent some time testing the B point as support that it has potential for pushing all the way to the 1.13 Extension to complete a Full ABCD, so I will be opening up another bullish position on the CANE ETF from here and targeting higher levels.
Chinese Yuan Price Action Setting Up For a Potential CollapseWe have a huge Void below us and the Yuan has Rallied away from this Void before, but it appears to now be making a Lower High with Hidden Bearish Divergence on Both the RSI and MACD; If the Yuan Breaks Below the B point of this Potential Crab BAMM which also happens to be The Confirmation Line of what would then also be a 3 Falling Peaks Pattern, we will very likely then see Downwards Acceleration Towards the 1.618 Fibonacci Extension Below to Complete the Harmonic Pattern
Harmonically, US Interest Rates are Headed Toward 35%The US Interest Rate chart has been trading within a Descending Broadening Wedge and has recently broken out of the wedge. The target for a pattern like this is typically back to the inception of the pattern, which in this case would be 20%; but we also have an additional variable here, and that's the Potential Logscale Harmonic Formation we've made here. If we are to treat the action of this chart as we'd treat any other chart, then we'd expect that once B gets broken, we'd get an accelerated move all the way up to the Harmonic Completion of a Bearish Shark, which would land us at the 1.13/1.618 Harmonic Confluence Zone up at around 34-35%
There have been previous instances where Harmonics have had a predictive quality over data like this, such as the accelerated liquidity exit out of the reverse repo facility, the bond yield charts on multiple occasions, and the US Inflation Rate Charts. Which can all be seen in the related ideas tab if you are skeptical of my use of Harmonic Patterns in this context.
EURUSD: RSI Bearish Divergence at a 0.786 RetraceEUROUSD is currently Overbought on the RSI and Diverging at a 0.786 Retrace just below Resistance; if it acts the way I suspect it will, we will see the Euro come back down to recover at least 50% of the range it's been in since around the start of the year and if we're really lucky, it will recover the full range.
I do suspect that the Euro will come back up after making the 50-100% retrace to the lows, but in the meantime, it looks Bearish.
LTCUSD: MACD Hidden Bearish Divergence Targeting $45-$41LTC has recently formed some Hidden Bearish Divergences at these levels on the MACD and when looking at the Potential Harmonic Wave Structures it could get in if it goes down, many of them point towards $45 as that would be a second test of a much bigger Macro Log scale Gartley on the left, the PCZ of a current Potential Bullish Deep Gartley, and the PCZ of a Potential Bullish Butterfly.
After hitting those downside targets we could then see Litecoin go for another big move up; this time actually breaking the range to the upside and going for bigger targets perhaps as high as over $9000 as seen in this macro chart here:
$GOLD: Potential Bullish BAMM on A High Cash Flowing Gold MinerThis gold miner has a lot of cash flow and actually brings in some income, which are two traits that are quite rare to see in gold miner stocks. Though it does trade at a very high P/E, it still appears to be a financial rarity within the sector, and therefore the Barrick Gold Corporation has caught my attention, and I would expect that this one will be among the top performing miner stocks if the price of actual gold were to rise.
As for the technicals, we have some monthly Bullish Divergence at the 100-Month Moving Average, and we are going to be looking to break above a trend line that could later bring us up to the 0.786-0.886 retraces to complete a Gartley.
The Ultimate Destruction of Ethereum NearsETH right now looks to have formed a Logscale Bearish Dragon on the Monthly and right now is showing Weakness at Resistance if it breaks down this Bearish Dragon we will see it come to the 0.618 Retrace below as a target one for the Bearish Dragon but this could also lead to a Log Scaled Bearish Bat Action Magnet Move down to the 0.886 Retrace.
I believe Money will move out of ETH and into coins like Litecoin, RVN, HBAR, among a few others.
NVDA: Bullish Divergence Preparing to Bring it to $444NVIDIA is showing some subtle MACD Bullish Divergence at the 55EMA while forming a potential Bullish Dragon Pattern that could propel it into a Bullish BAMM which may bring it up to the levels of $410-$444 depending on rather it chooses to be a Deep Gartley at a minimum or a Crab Pattern at the maximum.
USDMXN Setup for a Huge Bearish Breakdown with +40% DownsideThe USDMXN has Bearishly Broken Below a Demand Line and backtested it as resiatnce as well as losing the support of the 89 Month EMA; we will now be attempting to crack the BAMM Trigger Line at the level of B and if we break that a Minimum 786-886 retrace would be very likely
GALA Games: Potential AB=CD BAMM Bullishly Diverging at SupportGALA looks like it could be setting up for a double bottom at a local support it's created for itself. During this process it's formed some Bullish Divergence and has given us a potential Bullish Dragon Trend line; if it breaks out I would think this would be the start of an AB=CD movement up to the 1.414 Extension of 7.8 cents
Bearish BAMM on the 3x Bearish Return IWM Bearish ETFThe 3x Bearish Return ETF for the IWM is currently showing Hidden Bearish Divergence on the weekly at the 55-week EMA, and it looks like if this Hidden Bearish Divergence plays out we will see the ETF fall below the B point and begin to accelerate its Bearish Wave Structure which would complete between the 1.272 and 1.618 Fibonacci extensions.
This would mean that the IWM (The Russel 2000) itself would be rising.
As a result of what I see here on the chart, I may consider buying puts on this ETF, Buying IWM Calls, or just overall getting more exposure to small caps and just taking this as an overall Macro Bullish Indicator.