Bitcoin Analysis
30996
There are 5 waves up in an ABC formation. Having seen this a week ago, maybe less I said that we should be worried about the level around 41318 where a C wave would equal A.
So if where I indicated an ABC at 0:44 in the video. This would mean (what would be) an A wave shooting through 41700, but instead we get a pullback, however there are some encouraging points.
I elaborate on the wave pattern we want to see (essentially a third wave) developing at 1:04. This would push us beyond 41300.
Ethereum
Not looking terribly encouraging at the moment.
There is no clear 4th or 5th wave, which would take us out of the triangle. Bitcoin is far better at the moment as Ethereum appears to be dawdling a bit, and not giving us a clear bull signal.
Gold
Gold is seeing a bigger decline than I was expecting.
There is no change on the wave count, which hasn’t surprised me really. If the decline continues for much further past point 4 (indicated at 4:54), the signal will be invalid.
Interesting as we previously discussed the rise of gold vs the decline of bitcoin, and of course the had done just that.
However, now we have bitcoin giving signs that it is in the way back up, where as gold looks to be falling away again.
Maybe they have an inverse relationship, where traders switch from one to the other – depending on which one looks best.
Currently bitcoin is looking a lot better than gold, certainly after the sell off marked in the gold chart.
Silver
Silver is looking like it hasn’t been affected so much.
We could still see and ABC (4). Not wishing to sound premature, I have marked up wave 5 (originating from 4). I discuss a bit more on the 5 minute chart.
Ftse 100
We were seeing the Ftse moving up to a high of 7217. Now we are seeing a potential 123, 4 with a 5 wave (8:35). An ABC here – another failure, would be a sell signal as this could become a 5th wave.
Having said this, a potential reversal pattern remains and we need to perhaps wait a little longer to let things develop.
Dax
Pullbacks and new highs are present in the Dax. I’m not really impressed in either direction, and possibly there will be a sell off in the near future to clear the air.
Dow Jones
The Dow wave count seems to be coming good with a 1, 2 and possible wave 3 in process. This requires further validation. A potential peak in place.
Nasdaq
The Nasdaq may have seen its 5th wave after making new highs. A break below 18341 would be a negative sign.
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