mukit1

mukit1

Paypal CEO's shocking the world prediction is a meme at this point. it looks like the company cannot do anything right. From the price chart perspective, the story is playing out as it should. As the rest of the market enjoyed a nice rally to local highs and for some significant all time highs, PYPL has put in a leading diagonal structure. As many diagonal...

mukit1

SPX rally stalled today a bit and it may keep going a bit sideways next week. If we see strong rejection at this level (1.764 fib extension of this sequence), then the rally might be over and price will head back down rather quickly. Depending on how quick and strong the downturn begins during the last few days of January, it will tell us how deep of a correction...

mukit1

It's been the worst week ever for TSLA. Elon drama cannot leave this stock alone. But the shenanigans aside, this is looking like a great opportunity to get in. We should expect another dip down next week to complete the C wave sequence; or it might be over already. If we see another dip, then it needs to hold $174-$165 area. I have already taken position and...

mukit1

The bounce upward this week is looking choppy and corrective, keeping the bearish count alive. If this path continues next week, we should see heavy resistance between $12 and $13. The leg down afterwards should be the last leg on this downside, and we should see the entire crypto market come alive with intense impulsive drive when that is done. Right now, if we...

mukit1

RIOT is going through a major rout right now. It has fallen much harder compared to BTC. At this point we should see at least a relief rally for both. Current price action looks like a larger wave C is playing out. However, we cannot completely discount the bullish case. The way to identify would be the pace and strength of the next move. If we see a choppy wave 4...

mukit1

Gold is hanging in there and trying to make another high with the rest of the markets. There is saying that goes " A rising tide lifts all boats" and clearly the markets are experiencing an acute injection of money supply in the recent months. The question is, how much should we trust in this new high on Gold. Twice before, Gold has made a nominal high, only to...

mukit1

This idea of a super massive ending diagonal looks more likely as each day goes by. Since October, the rally has been super strong. Almost mirroring the run from Oct 2019. If this holds true then we should see an almost waterfall drop for wave 4 during early to mid 2024 that could last a few weeks to a couple of months. After that, market could put in the final...

mukit1

RIOT price action has been interesting. The choppy action in the month of October has kept me out of a trade but, the November pump has made things a bit awkward. From EW perspective, I have 2 possible counts that are high probability. I have changed some degree of labeling from my last post, but overall, it's the same idea. Option 1: Bearish idea that we are...

mukit1

After a painful year and a half long bear market consolidation, Doge is one again ready to take a bite off this market. After breaking out of the triangle structure, It has made a complete 5 wave up, 3 waves down and on its way to another 5 waves up. There is still a chance that the current move up could be a higher degree wave c of a higher degree wave B to 13 or...

mukit1

PINS had made a long and painful journey so far to break above and stay above $30 and now eyeing to break $35. But it is running out of gas very quickly. The rally since October has been phenomenal. But, to validate an expanding and very whacky leading diagonal structure, price needs to hit $36.74 or above. This year and a half long channel have been very tough to...

mukit1

TSLA is setting up for a really big move; up or down. Let's take a look: Bull case: Assume Primary wave 2 of cycle wave 3 completed Back in January of 2023. It was more than 75% drawdown lasted for more than a year, pretty much in line with a larger degree wave 2. It should be on its way to wave 3 on minute degree of wave 1 of minor of wave 1 of Intermediate of...

mukit1

If we assume crypto markets overall are out of the bear market, then June 2023 low should be it for ADA. Since then, it seems to be forming some kind of a leading diagonal. Leading diagonal structures are painfully corrective and designed to keep people out of accumulation phase. So, if it is in fact, a leading diagonal structure, then we should see some heavy...

mukit1

XLF has had a pretty good month so far. Probably the worst sector is showing some signs of life despite issues with the banking system. This week XLF has poked its head above the triangle and the close was pretty good. Volume increased from last week as the down trendline was breached. Now, it is not a confirmed breakout yet as horizontal resistance is right above...

mukit1

Thursday wasn't a good day for bulls who have been enjoying a rocket ride for almost 2 weeks. Bears finally put in a big red to stop the stampede. So, what jumps out off the bat? 1. Price is outside the smaller downtrend channel and inside the bigger uptrend channel. 2. Price nearly made a 100% retrace of the previous break down. NDX made a new higher high. SPX...

mukit1

In my last analysis, I was waiting to see how price reacts from the Oct lows. If BTC was moving higher but RIOT was not, it would be the warning sign. And things might be playing out that way. Unfortunately, price went too high up to still be an ending diagonal structure, which I was hoping for. Instead, now things are looking like a much larger ABC pattern with...

mukit1

EW structure is preferring one lower move to finish the ending diagonal wave C between $7-$8. However, BTC is not done with its move yet. The clue will lie on RIOT moves relative to BTC. If we see BTC making new highs in the next week or two but RIOT staying flat or not breaking highs then most likely the wave 5 down is coming. But it will be a screaming buy at...

mukit1 Updated 

Markets overall are in turmoil. SPY/SPX making new monthly lows everyday. In the midst of all the selling there is something else going unnoticed. That is the divergences forming in various areas. Now, it is not a guarantee that market is done selling and it will be straight up next week. But it is interesting that if things were so bad out there, we shouldn't be...

mukit1 Updated 

In the bearish case, we are seeing wave 1 ending. Following this we should see a bounce and then waterfall should ensue. Yeiks!!