MCOGlobal

MCOGlobal

The market has now reached the crucial 78.6% retracement of the recent decline, sitting right at the top of the resistance zone. This is essentially the last stand for the bearish 1-2 setup in the white scenario to take shape. If the market pushes beyond this point, the yellow extended (b)-wave scenario will likely take the reins. In this case, we could see the...

MCOGlobal

It has been clear for quite some time that the DXY is going to decline further, and it seems that the bears have finally taken the lead. The next structural support level is to be found around $99, but fibonacci support for wave iii is located between $97.40 and $95.85.

MCOGlobal

The DXY could be working on a B-wave corrective bounce before wave C to the downside of a larger third wave within an ending diagonal pattern could send the DXY below the $100 mark. A break above standard resistance, i.e. a break above $105.94, could trigger the alternative scenario of a larger corrective rally that started in December 2023. However, this remains...

MCOGlobal

STX: I have readjusted the chart after the recent pullback and will follow primarily the white scenario of a large ABC structure (altcoins often form 3-wave tops), with possible upside targets in the $5.51-$11.94 zone, as long as the $0.95 support level holds.

MCOGlobal

DXY: As long as the price stays below the (B)-wave high from end of June, expectations are for the DXY to decline into the low $90 region according to the white scenario. I see wave (C) to the downside as ending diagonal pattern, in which the sub-waves of all waves i - v are 3-wave structures. This would explain why the fibonacci resistance area was broken before...

MCOGlobal

The price technically can still extend down to the $50,600-$50,700 range in this wave 4 correction, however I need to see a reversal in the current price region to maintain the idea that a wave 4 of this particular wave degree is unfolding, which should lead to a fifth wave rally towards the $85,000+ region next. Alternatively, a break below $50,600 would strongly...

MCOGlobal

BTC: Bitcoin Dominance is still unchanged and on a high level. The sideways consolidation technically leaves the door open for further upside, but a break below the ascending trend line could be an early indication for a top to be in place. Please note: Because BTC Dominance is not a tradeable asset, the use of Elliott Wave to identify patterns does not lead to...

MCOGlobal

As long as we see only a 3-wave rally as illustrated in the white scenario, it is plausible to assume a substantial top has formed on SPX. However, I still think it is too early to be bearish, because the market is still holding above the orange micro support zone between 5440SPX - 5368SPX. The next confirmation signal for a larger market top will be a break below...

MCOGlobal

BTC: The price has reached the support zone once more but the look of the decline has led me to make a small adjustment to the micro structure. However, I leave the support zone unchanged. We might see one more low to reach the 50% retracement or 61.8% retracement at $62,224 or $61,860 respectively, but as long as micro support holds wave (5) might start from this...

MCOGlobal

The price has broken above the $0.40 resistance level. Wave (3) should reach $0.4174+ to count as viable third wave. We need to see a 5-wave move that reaches $0.4279+ to have a first confirmation that a low has formed in wave 2.