Continuation of last BTC Chart - Latest ES/SPX dump has our 2X H+S (and 2 year triangle) back on the table after a feet dragging melt-up fake out. Fed sugar high wear off, nagging Covid hangover, and poor macro fundamentals (eg unemployment) leading us back down to the neckline. MACD looking bearish for now as well, watching and waiting.
H+S within H+S, recent low volume (with exception of June 2nd Bart fakeout), and macro fundamentals (unemployment claims/Covid crash) is bearish case in my mind. Tech fundamentals, Fed tailwinds, and continued broader market (ES/SPX ) coupling points bullish. Sustained push up out of 2.5 year triangle would strengthen bull case and invalidate double H+S.
Macro correction bounce with unwinding flags and wedges in the context of higher timeframe (~4 year cycle) triangles, heading into quantitative hardening. Short to medium term short, net long. Potential opportunity to steal blinds and antes before the money bubble. First chart ever, constructive criticism welcomed.
