1) Good Morning! First off before anything, my condolences to family, friends & fans of Meat Loaf who passed this morning. He’ll always be “Eddie” to me in the Rocky Horror Picture Show but the album Bat Out Of Hell was a soundtrack to many us back in ‘77
2) #BTC is still heading lower as it broke below 40k and then some. That DMI is relentless. I supposed the A.I. prediction of 22k-25k is Really back on the table again. For those who don’t know, this was made back in 2018: 64k to 20’s before going to 100k-250k.
3) Just keep watching the DMI on the daily for clues of the turnaround or the SAR on the weekly. That’s pretty much all you need to know. A.I. said blood and gnashing of teeth and it seems like that’s all you’re hearing these days. Probably more coming,
4) After yesterday’s pummeling in the markets into the close I was pretty surprised the MDT didn’t signal a sell. Looking at all components we had one index that is hanging on for final confirmation. Seems like a foregone conclusion, but I have seen bounces on thin ice before.
5) Today is also Triple Witching so volatility will be off the charts (no pun intended). But if there was ever a way to rally, TW is definitely an option (sorry, another pun). I’m willing to just let today play out. Seems to me like we are just way oversold.
6) But we’ll know if that final trend change is here or not after today…..I mean it’s been teasing us all week. I actually hope its not and we finally saw all the sellers get out and then we rally as Institutions buy the dip with power. Because its either that or deeper lows.
7) Healthwise, feeling a lot better. Should be right as rain by mid week next Wed. But I’m gonna enjoy the weekend as much as possible because I have a lot of catching up to do starting Monday. Peace, Love, and Still More Purple Gromwell Herbal Tea which kicks Covids ass.
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1) Good Morning! With Sunday being here, let’s look at a couple of things before Monday’s session, concentrating mostly on $BTC and a little bit on markets. Chart below is set up a little differently since I’ll be doing some short term trades with 1 and 5 min charts.
2) Unfortunately I won’t be posting those because there isn’t any way to keep that short a time period in real time on Twitter. The charts above are support lines for #BTC. These are drawn using Welles Wilder’s method which I’ve found very useful.
3) The bigger the S# (S meaning support) the more difficult to penetrate. Old lines fade when new adjusted lines print. The new lines have more weight but the old lines still work for a time which is why I outline them. Same with R#’s (R meaning resistance).
1) Good Afternoon. MDT Sell Signal was issued at approx 90 min. before closing bell. This was because there was very little chance of a rally that would bring us back to "hold" again. Normally, this would come after close and then sell Monday. But I don't trust weekends
2) This was a real nail biter and certainly white knuckling for the last week or so. We had so many chances to rally but when the Canary Indicator went into "correction mode" as a heads up and only 2.3% left until the MDT fell into a sell signal, I knew it was going to be tough.
3) It's one thing if the Canary signals correction and we have 10% before an MDT confirming signal, another with such a slim margin. To be clear there simply are too many head winds and more coming up every day. Now let's talk about what this means now that we are out.