xtremerider8

xtremerider8

BABA has been making a long downchannel which has to be broken to be really bullish. First it must hold the current 83 FIB level, then BO the downchannel at around 95. After that BABA will still face a big resistance zone at the 110 to 130 range. There will be a lot of sellers here which the new buyers must be willing to absorb in order for the price to go above...

xtremerider8

FCX is the largest copper producer & copper is very impt to the economy. It is making a longterm upchannel & a shortterm downchannel & the 2 will cross path soon at their lows somewhere below 40. Below 40 will be a great place to start accumulating & then trade the range between 40 & 50. Geopolitical tensions & China lockdown may drive price below 40 temporarily...

xtremerider8

ETH has been rejected down by dma 50 & dma20, also falling below VWAP. Now it breaks below a bearish flag patter. The measured move of the recent bear flag would be 2385 up to 2160 within my green support zone. The max pain would be the pink 1800 to 1700 zone. Upside resistance would be 3000 & 3200 which will be retested after bottom reversal. Not trading advice

xtremerider8

LTC bounced a little from 97,the 3x bottom of my green consolidation box since Jan. It may fall a little bit more to retest previous low & make a double bottom. If this is the bottom, then a new EW cycle shall begin. Worst case scenario is for it to drop a lot more to the max pain zone at the 85 to 78 pink box. Not trading advice

xtremerider8

Sorry guys I have some bad news for MANA. It has potential to fall much further if 2.0 level is not quickly recovered by bulls making it a beartrap. It seems to be repeating its previous M-pattern. It is also forming not 1 but 2 falling wedges giving us the next 2 potential supports. It has broke down from my first support at 2.0. Not trading advice

xtremerider8

FAANG reached its H&S target move exactly at the 0.786 Fib Retracement level around12.50. This is also The bottom of my slanted pink FIB CHANNEL. Most of the stocks in FAANG are still profit machines despite rising rates & inflation, maybe except FB & Netflix which recently pulled FAANG down a lot. If earnings come out A LOT BETTER than analysts’ projections, this...

xtremerider8

In this weekly chart, 67 to 81 have been an impt range for multi-year consolidations (see the 2014 4-year consolidation box & the recent 2020 & on-going Inv H&S. Pattern). When price is rejected by 81, silver rallies more. When price bounces from 67, gold rallies more. Starting 2021, the ratio has formed an upchannel from the bottom of the head. This channel has...

xtremerider8

In the bigger picture in this weekly chart, JNJ BO of the big multi-year red upchannel & retested it several times in 2021 when JNJ was making wave 4 of V which is a running flat consolidation lasting the whole of 2021 bottoming in 29 Nov2021. Notice that the bigger wave IV is an expanded flat (megaphone pattern) bottoming in covid low. Now it has completed wave 4...

xtremerider8

As shown in chart, CLX just went above pre-pandemic low. Is the bottom already in?

xtremerider8

DJP commodities back to short term uptrend with 2 higher highs & now also 2 higher lows. It just recovered the uptrend line after filling the previous up-gap (the green zone). It also bounced above the 2 VWAPs & FIB 0.236 level. However, it still have to go back inside the ascending triangle where it BO from. If DJP holds the TL & also go back into triangle in the...

xtremerider8 Updated 

Although transportation looks bullish now with 2 green weekly close after a big plunger, I still think this is just the b counter wave & there is one more c wave down to my green zone. There are still overhead resistances at various VWAPs. Transports, like IWM small caps, is a very impt leading indicator of our economy. With oil cost rebounding & labor difficulty...

xtremerider8

BTC has made another beartrap just like it did at 33k & 34k. Inv H&S is again in play. Let us see if this time 40k will hold & it will be able to BO 42k next. Not trading advice

xtremerider8

Crude oil resumes uptrend. It just bounced above & hold the upper side of an upchannel, the orange VWAP from 3 Jan & the 50% FIB level. Crude oil is a very impt component of our economy. Not trading advice

xtremerider8

Gold futures update from last 1 April post: Gold broke my first support 1920 & nearing the 1883 next support as predicted. It is on the way to break the next 2 equally impt FIB levels 1883 & 1833. As you can see from the chart, all 3 levels are confluences of FIB levels using different ranges. The maximum drawdown is for gold to retest 1833 which is also near the...

xtremerider8

Update on my last XRP bearish post after XRP falls from an ascending triangle & made a relief rally. XRP rejected by the green dma50 & quickly falls below 2 VWAPs . It is now below all DMAs & the downtrend remains intact with lower highs & lower lows. Even the Bollinger Band is expanding downwards. If XRP quickly reclaims & holds 0.70 in the next few sessions with...

xtremerider8

SPX just voided the Inv H&S as it goes back to negative 10% from top. If the 24 Jan & 24 Feb lows of 4212 & 4100 will not hold, SPX may go down to 3990 (historical ave drawdown of 17%) or worst case up to 3800,at the brink of a bear market (20%). A brief relief rally may occur soon to correct the oversold condition. As long as 4600 & 4100 do not break, SPX is just...

xtremerider8

ETH now at a very crucial point 1930: 1) 1930 is a horizontal support 2) It is right at the edge of a big triangle from which ETH broke out & went down to retest. (May be just a beartrap since it whipsawed several times inside triangle) 3) It is right at the lower edge of the blue slanted FIB CHANNEL. Losing this, ETH wil consolidate inside the lower green FIB...

xtremerider8

DXY dollar index seems unstoppable with the 10-yr yield already nearing 3% after also stalling a while at 2.82%.. If 100 holds, then the 103 red zone will be the next target before retracing back to the blue uptrending line. it will be better if DXY retraces back to 97. This rise is the reason why BTC, oil, commodities like WEAT, CORN, PALL, EWZ Brazil , EWA...