brown_maverick

brown_maverick

As depicted in the chart, bitcoin is currently on the path of completion of a fifth wave (5) of an impulsive wave. My target price is in the region of 103 K USD, which is 2.382 of the extension of the wave (1). We should see a correction once the target price is reached. I will do an update of the macro count later when bitcoin reaches the target price.

brown_maverick

As depicted in the chart, Bitcoin is now in wave (ii) of the third wave extension of third wave extension. We should see an upsurge in the price of bitcoin relatively soon. My target price is in the range of 95 K USD, which is labelled as wave 3 before we see a correction to 80 K USD (wave 4). We shall see !

brown_maverick

China unveils fresh stimulus to boost its ailing economy by cutting reserve requirement ratio and lowering interest rate, following the footsteps of Federal Reserve, on Sep 24. China and Hong Kong market rallied after the announcement. I re-looked at the chart of FXI and contemplated that FXI should be now in the 'b' wave of a larger W-X-Y (double zigzag)...

brown_maverick

Federal reserve just cut interest rate 50 bbps for the first time in four years. But I am still bullish on DXY. I observed a double three pattern, a zigzag followed by an expanded flat as a corrective wave 2 as depicted in the chart. Let's see if DXY can follow up with a i, ii setup.

brown_maverick

In my previous post, 28 Jul, I mentioned bitcoin has reached the target price of wave 5 of the impulsive wave and about to undergo a corrective wave (abc). It was since then drop from 70,000 to 62,400 within the past few days. I will reckon this drop as wave a of the corrective wave 2 as illustrated in my previous post and update in this post. It shall embark on...

brown_maverick

In the 1-hr chart, using a semi-log scale, bitcoin has completed or about to an impulsive 5 wave count. I will label this as wave 1. It can be seen that this sub-wave 3 of wave 1 demonstrates the strong acceleration relative to sub-wave 1 and 5. It clearly shows a third wave extension of third wave extension in this instance. One can draw a trend line connecting...

brown_maverick

A running double three (W-X-Y) was noticed on the USDCNY chart. A minimum of 2.618 times of wave 1 from the end of wave 2, (end of Y) will be the next target price for USDCNY at 7.54. The target price can be higher, it all depends on how the impulsive wave 3 unfolds. wave c of the running flat (abc) of wave Y, may stretch further but it has sufficed a 0.618...

brown_maverick

A leading diagonal with the sub waves unfold to 3-3-3-3-3 pattern on the 1 hour chart. The target for the correction wave (2) should be in the range of 0.5 to 0.618 of the retracement of the leading diagonal.

brown_maverick

Here's another possible and highly probable wave count. An expanded triangle as wave B of an expanded flat as depicted in the chart. Should be on its way for an impulsive wave C of an expanded flat.

brown_maverick

I revisited silver futures lately and noticed a double three wave pattern unfolding since Sept 2021 as the 'B' wave. We can break down this 'B' corrective wave as a W-X-Y wave, with W as a flat, X as a contracting triangle and Y as a single zigzag. I believe this B corrective wave for silver is completed and it should be on the path of an impulsive 'c' wave with...

brown_maverick

I would label the correction that has been occurring for the past two months as a running double three (W-X-Y) as depicted in the chart. The W wave is a zigzag and the "running" X wave that retraces beyond the W wave is a zigzag (abc) with the 'a' wave being an expanding leading diagonal as described in my previous post. I will label the correction that occurred...

brown_maverick Updated 

A follow up on my previous post on DXY. I will label the leading expanding diagonal as wave 1 and the first wave extension of an impulsive wave. I have counted a 5 wave structure for wave 3, a small wave 4 and a contracting ending diagonal for wave 5. Wave 3 is 0.618 of wave 1 and wave 5 is 0.764 of wave 3. I believe retracement has begun and should end at the...

brown_maverick

A nifty aphorism by Mark Twain. The current bullish sentiment on Gold is analogous to that of Dow Jones Index in Feb 2020. We all know how it went next. I will label the current uptrend in gold as a Y (abc) wave of a larger double three (WXY) as depicted in the chart. The b wave in this Y structure is a running triangle with 5 three wave structures. Using 1 X of...

brown_maverick

Since my last update on DXY, it has reached the 104 region on April 4. It has moved upwards since and an impulsive five wave has been formed with a possible expanding diagonal as wave 5 as depicted on the 15 mins' chart. The nonfarm payroll of 330,000 jobs, more than the expected 200,000 jobs, have triggered a sharp rise in DXY from 104.2 to 104.7. We label this...

brown_maverick

In my previous analysis on DXY, I was contemplating if DXY is forming a leading diagonal or a (1)(2), i, ii setup ... Based on the wave count since then, an impulsive wave has formed since then. To be exact, an impulsive wave with a third wave extension and a contracting triangle as fourth wave, can be counted as the fifth wave of an expanding leading diagonal....

brown_maverick

A quick update on my thoughts on GDX ... A leading diagonal (1) followed by a flat (2), with wave (2) retracing 0.618 of wave (1) We should see a wave (3) occurring .....

brown_maverick

Another attempt to use Elliott wave to analyse Gold. New high gold prices have been reached over the successive past weeks since my last update in Dec 2023. There has been serious doubts whether I have been wrong in my wave counts for gold. But based on my umpteen repeated analysis of the the wave structure of gold since the 1980s ( I will present my case later...

brown_maverick

I was looking at the DXY on a 30 mins' scale and here's what I observe as depicted in the chart. a leading diagonal followed by a corrective three waves (abc) retracement that can be labelled as a (1),(2) setup. This is followed by an impulsive wave with a fifth wave extension catalyzes by the first rate hike by BOJ in 17 years. At the present moment, I am not...