Vacation Update: Complete Coverage List Outlined
Oh man, the solitude, the forest, the bourbon, AirBnb right on a following stream in the mountains, and several days on the Appalachian Trail in North Georgia. I'm excited to get recharged and come back better than ever for you guys. So, let's get into it so I can start packing.
SP500
Anyone who follows me and my posts on the US Index SP500 knows I feel we’re headed for pain. Last weekend I wrote:
“So, the reason why I believe we have topped in B and we’re headed to new lows are a couple of data points outside of EWT . I wrote about this before that the average Bear Market is approximately 10 months. (You can use the Google machine to find out precisely how many days an average Bear Market lasts, but suffice to say it approximately 10 months) So for this decline to be AVERAGE....we should expect a bottom in the very beginning of October. My BLACK count lines up with this data point. Now could purple turn out to be the pathway...Sure. However, that would put this Bear Market on par with some of the longest lasting historically speaking and I do not do complex, nor to I venture into the low probability. Yes, that could happen, but as of NOW, I don’t see a reason to shape a trading strategy around that. SO that’s reason #1 as to why I believe we topped in the US Markets on August 16. The final reason is I have a perfectly good B wave counter trend rally very very very close to the .618% Fibonacci Retracement level (Blue Circle Above). Why wouldn’t I call that good and go home? I have said repeatedly...I don’t do complex....when the simple will suffice.”
I see no reason to expand on that commentary. (Complete post is below)
Bitcoin (BTC)
Bitcoin’s chart is also similarly aligned with most tier 1 crypto currencies (I.e. Ethereum and Solana). Ideally, I expect a retrace of larger proportion than currently. Ideally to the $23,000 area, and maybe even as high as $24,000. However, as I have said before we’re in a wave 2 of 5 of c of C of the larger wave 2. This wave 2 could be shallow and with us so close to striking a major cycle bottom I do not understand why anyone would be interested in being long BTC right now. I got into an exchange with a follower via DM and the debate was from the $19000 level to the$23000 is a great return on investment and that was her reasoning for wanting to be long BTC. “How can I leave that on the Table”? My response was all I can do is inform you what I do. All traders are different. I never....and I repeated never feel the dire need to put on a trade. If BTC’s wave 2 is shallow and instead of $23000 we only get $20900 and then we go to 14500...now instead of making 20%, you need 40% to just get even.
Too close to a cycle bottom for me to counter trend trade. I’d rather wait. That’s why I trade everything. The SP500, Solana, Crude Oil and Natural Gas Futures, and Gold and Silver futures as well. I NEVER EVER BUY STOCKS...EVER. That’s a conversation for a future ZOOM call with members of my new site in the next 60 days or so.
Ethereum (ETC)
As with all Tier-1 Crypto Currencies we are waiting for the range of $1654-$1896 for an ideal wave 2 retracement. Ultimately I'm targeting the high $600 area for the cycle bottom of ETH. I would be interested in shorting ETH if price gets between $1795-$1896. If price was to not reach that level, I would be doing what I'm doing now with respect to my entire coverage list...."GOING ON VACATION"...lol I do not see the cycle bottom happening while I'm on vacation so I'll tell you this is perfectly planned. Right now, ETH is not a short and too close to a cycle bottom to consider a long from a risk/reward ratio.
Solana (SOL)
Solana, dare I say this...is looking strong. It was up today while the markets were down. The black count is intact but a trade below $31 and I get concerned. Therefore, if you're long Solana, I highly recommend to raise your stop to $30.99 right now. I wrote this morning "we need $33.90". If I had a gun to my head to get long Solana....and I was long as a result of the firearm...I would sell at $33.90 and wait for a retrace to reload, or watch the failed trade that never was. I sincerely want to help my followers be successful....and honestly I think I am accomplishing that goal because of the feedback I get from you all. But from time to time, a small batch of my followers go rouge and I can't abandon them. Be careful. Raise your stop to $30.99 now and consider selling at $33.90 and watch what happens.
Guys, I miss you...but not really:) I need this.
I'll answer DM's if I have the cell service....but you and me will be back in action on September 16th.
Best to all,
Chris
SP500
Anyone who follows me and my posts on the US Index SP500 knows I feel we’re headed for pain. Last weekend I wrote:
“So, the reason why I believe we have topped in B and we’re headed to new lows are a couple of data points outside of EWT . I wrote about this before that the average Bear Market is approximately 10 months. (You can use the Google machine to find out precisely how many days an average Bear Market lasts, but suffice to say it approximately 10 months) So for this decline to be AVERAGE....we should expect a bottom in the very beginning of October. My BLACK count lines up with this data point. Now could purple turn out to be the pathway...Sure. However, that would put this Bear Market on par with some of the longest lasting historically speaking and I do not do complex, nor to I venture into the low probability. Yes, that could happen, but as of NOW, I don’t see a reason to shape a trading strategy around that. SO that’s reason #1 as to why I believe we topped in the US Markets on August 16. The final reason is I have a perfectly good B wave counter trend rally very very very close to the .618% Fibonacci Retracement level (Blue Circle Above). Why wouldn’t I call that good and go home? I have said repeatedly...I don’t do complex....when the simple will suffice.”
I see no reason to expand on that commentary. (Complete post is below)
Bitcoin (BTC)
Bitcoin’s chart is also similarly aligned with most tier 1 crypto currencies (I.e. Ethereum and Solana). Ideally, I expect a retrace of larger proportion than currently. Ideally to the $23,000 area, and maybe even as high as $24,000. However, as I have said before we’re in a wave 2 of 5 of c of C of the larger wave 2. This wave 2 could be shallow and with us so close to striking a major cycle bottom I do not understand why anyone would be interested in being long BTC right now. I got into an exchange with a follower via DM and the debate was from the $19000 level to the$23000 is a great return on investment and that was her reasoning for wanting to be long BTC. “How can I leave that on the Table”? My response was all I can do is inform you what I do. All traders are different. I never....and I repeated never feel the dire need to put on a trade. If BTC’s wave 2 is shallow and instead of $23000 we only get $20900 and then we go to 14500...now instead of making 20%, you need 40% to just get even.
Too close to a cycle bottom for me to counter trend trade. I’d rather wait. That’s why I trade everything. The SP500, Solana, Crude Oil and Natural Gas Futures, and Gold and Silver futures as well. I NEVER EVER BUY STOCKS...EVER. That’s a conversation for a future ZOOM call with members of my new site in the next 60 days or so.
Ethereum (ETC)
As with all Tier-1 Crypto Currencies we are waiting for the range of $1654-$1896 for an ideal wave 2 retracement. Ultimately I'm targeting the high $600 area for the cycle bottom of ETH. I would be interested in shorting ETH if price gets between $1795-$1896. If price was to not reach that level, I would be doing what I'm doing now with respect to my entire coverage list...."GOING ON VACATION"...lol I do not see the cycle bottom happening while I'm on vacation so I'll tell you this is perfectly planned. Right now, ETH is not a short and too close to a cycle bottom to consider a long from a risk/reward ratio.
Solana (SOL)
Solana, dare I say this...is looking strong. It was up today while the markets were down. The black count is intact but a trade below $31 and I get concerned. Therefore, if you're long Solana, I highly recommend to raise your stop to $30.99 right now. I wrote this morning "we need $33.90". If I had a gun to my head to get long Solana....and I was long as a result of the firearm...I would sell at $33.90 and wait for a retrace to reload, or watch the failed trade that never was. I sincerely want to help my followers be successful....and honestly I think I am accomplishing that goal because of the feedback I get from you all. But from time to time, a small batch of my followers go rouge and I can't abandon them. Be careful. Raise your stop to $30.99 now and consider selling at $33.90 and watch what happens.
Guys, I miss you...but not really:) I need this.
I'll answer DM's if I have the cell service....but you and me will be back in action on September 16th.
Best to all,
Chris
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