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Key Takeaways
Bitcoin
– I still do not believe Bitcoin has bottomed, BUT if we get a 5 wave move off the lows then I would say it is likely.
– Currently, it looks like it has put in a 5 wave move, but that could either be wave 1 or an A wave. So we need to see if we get an ABC move or it actually puts in 5 waves.
– The pattern from ATH’s is WXY (ABC X ABC). I think it is currently in an expanded flat B wave OR it is beginning the B wave.
– Again the target is 10-12k based on the relation between the A wave top and B wave pullback and the 1.61 fib.
$MARA
– Put in an impulsive move. Same as bitcoin in that it could be the bottom and the beginning of an overall 5 wave move, or an ABC pattern.
– Short term I would look for a pullback to somewhere between 5.50-6$ to complete the overall ABC pullback.
– For traditional second wave pullbacks, it would a standard long from the .5-.618 fib retracement.
$CRWD
– WXY corrective move from the highs. The area it hit for the lows looks like a potential bottom. But it really just depends on the overall market.
– If we get another huge move down in the overall market I am looking for 60$ to be hit which is the 1.61 fib of the W wave.
– On short term, it looks like either a beginning diagonal or an ABC move that could take it to 115ish.
– Watch the structure. If is ABC then there is likely to be more downside. 5 wave move it could have bottomed.
US Steel
– Looks like it is potentially getting ready to find a top soon. I could see it hitting 30$ for wave 5 of wave 5 of overall C of the B wave.
– This is right into a supply zone which would setup for an amazing short in the head and shoulders pattern.
$NVDA
– Looks similar to SPY setup. The current move from the 130’s looks like a corrective move, and so I would favor a C wave down to a minimum of low 140’s. But it is also possible that just like SPY we get a ABC move diagonal that could take it all the way to 220. That would complete the X wave, and then it would still have a 5 wave move to make a lower low than 2022.
Those are my thoughts on these charts. All of these moves are subjective and can change day by day. So recognizing corrective/impulsive moves is the best way to know what is going to happen next. We are at a point in the market where people are super bullish and others are still super bearish. This week is going to be HUGE.
date : 2023-01-22 20:43:41
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