THE MASTER PLAN
Updated
This is an overview based on technicals and market sentiment. (Log Chart)
It gives an overview with wave count from the top of the market in December through the bear market correction.
The market is now ruled by traders only which is why we see the current difficulty in establishing a direction.
I first see an immediate down move to $7600 which is what everyone expects, then up to 8800ish, then bouncing between the support and resistance zones (Head 'n Shoulders) for a final 5 wave count down to test $4999-$5999 to scare the bulls.
This co-incides with a broader US stock market sell off in the coming week after SPY manages a double top.
Then a corrective ABC to $11500 in early June where the big Wall Street money pours in.
Thanks.
It gives an overview with wave count from the top of the market in December through the bear market correction.
The market is now ruled by traders only which is why we see the current difficulty in establishing a direction.
I first see an immediate down move to $7600 which is what everyone expects, then up to 8800ish, then bouncing between the support and resistance zones (Head 'n Shoulders) for a final 5 wave count down to test $4999-$5999 to scare the bulls.
This co-incides with a broader US stock market sell off in the coming week after SPY manages a double top.
Then a corrective ABC to $11500 in early June where the big Wall Street money pours in.
Thanks.
Note
The question now is: How high will the 'C' wave go... this I think will let us know how low the pull back will be. There are 3 resistance lines to choose from: 1. $8350 2. $8750 3. 8920ish
Note
Looks like BTC is being led out of the gutter by the alts.So, Alts pull back a bit, BTC going up a bit. Traders moving profits from alts to BTC, then back again.... Just a thought.
Note
It takes a lot more to swing the BTC needle as the Market Cap is much higher than individual alts. Alts is where day traders are ripping noobs, therefore it's looking more bullish there and BTC is reluctantly playing along.This means take market sentiment from BTC and not the alts, this could turn on a dime.
Note
If this BTC 'C'wave is short, expect a strong reversal in the alts... I think alts have FOMO'd big time and jumped the gun. BTC has not broken the downtrend on the LOG chart yet....I see a reversal soon.
There is no retail money here, just day traders humping each other.
Next in is the institutional money who will package this thing up then sell to retail on a massive scale. Long term BIG move this year, but not just yet.
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