discobiscuit

discobiscuit

Gold is a hot mess, but I think it's biggest crime is opportunity cost. I think gold's price action since May 2023 high suggests the recession to come; there is at least one impulse wave down, and price action after 1987.42 does not look like a C wave is completing anytime soon. Bulls need 1809 to hold as support and 1987.42 to break as resistance. My ideal...

discobiscuit

4277 support broke this morning with impulsive price action. I think the impulse (pun intended) is to consider the price action down from 4371 as the wave 5 of the C of the zigzag down from 4683.50 (zigzag count in red). This may very well end up being correct. I struggle with the price action in the green ellipse. I do not see how can be impulsive; it looks...

discobiscuit

Zigzag off low of 4277; if this bottom is going to hold, will likely need a leading diagonal. First step is for price to get above 4337.75.

discobiscuit

Two impulse waves off the low (yellow ellipses), looks like a zigzag. If price breaks below 4277, I think it will be the start of a wave 3 impulse (with wave 1 complete, in blue ellipse), with the implication being that the top is in.

discobiscuit

Proposed completed double three (zigzag, double three, regular flat) from high of 4683.50 to low of 4277. We'll see what evolves from low of 4277; there is at least one impulse wave present thus far. For bulls, 4277 needs to hold as support; C wave of regular flat pushing limits of allow-ability, so further price action below 4277 would really bring this count...

discobiscuit

Bullish count for BTCUSD, with subwave 1 impulse and subwave 2 expanded flat completed. There is a lot of potential here, but 24916.18 needs to hold as support.

discobiscuit

Big picture analysis, looking to see if this triangle plays out (bearish, in this case). Triangle could end up being bullish (temporarily) as well, depending on how it bounces between these pivots.

discobiscuit

Proposed bull count, with three wave corrective structure (double three) from high of 4683.50. Red ellipse with zigzag, orange ellipse with double three, yellow ellipse with regular flat. Bulls looking for impulse off low of 4305.50.

discobiscuit

Three impulse waves, will likely combine to complete a five wave impulse down. Would expect a correction to the 4380 area at some point.

discobiscuit

Move off low of 4338.25 does not look impulsive; zigzag correction down from 4383.50. Looking for this to break down to further lows or evolve into a larger corrective pattern.

discobiscuit

Three corrective structures, red ellipse with zigzag, orange ellipse with double three, blue ellipse with regular flat. Too early to tell, but this bull count has the C of the regular flat end in a contracting ending diagonal.

discobiscuit

At least two impulse waves (red and orange ellipses) from local high of 4566. Last bit of the price action looking a bit "wedgy". Cases to be made for completion vs. continuation... curious to see how this plays out.

discobiscuit

One completed impulse down from high of 4566, one (or more) evolving impulse wave down from 4508. Ultimately, I would be looking for a completed larger impulse or a zigzag to be put together from these smaller impulsive structures. I believe odds favor more downside, but as always, anything is possible.

discobiscuit

Red, orange, and yellow ellipses contain three wave corrective structures. Green ellipse contains updated impulse wave and blue ellipse contains price action from today (also looks impulsive). Market chose interesting place to pivot at 4508... which is now key resistance.

discobiscuit

At least one complete impulse wave up from low of 4462.25, with evolving impulse wave off low of 4482.25. I would say the key price level to stay above (in the short term) would be 4482.25; if so, I would expect higher highs back towards 4600 for the rest of the week. An impulsive move below 4482.25 opens up a move below 4462.25 and beyond.

discobiscuit

Three wave corrective structure in green ellipse, three wave corrective structure in blue ellipse, price action off low of 4462.25 is just starting (red ellipse) but looks impulsive.

discobiscuit

Green ellipse contains price action that appears impulsive down, corrective up after low of 4487 yesterday. Odds favor further downside, with at least one more impulse wave down.

discobiscuit

Proposed completed impulse off 31829.00 high, although where the 5 goes is up to interpretation (in one of the two blue circles). Where the 5 goes will help determine whether price action off 11 Sept low will end up being impulsive or corrective.