Big Targets For The End Of The Year - Weekly Macro Update
Traders,
I know you're tired of hearing it. I know. But we're so close now. Keep the faith. I have not waivered or varied on my year-end target for 2024 for a year and a half now. And I still believe it will be achieved.
In the beginning of 2023, I called for a year-end target of around 70k. We nearly hit that. And somewhere in the middle of 2023, I suspected we would see nearly 100k by the end of 2024. But I don't believe we'll quite get there this year. However, my target is still much more optimistic than others. I am still calling for 88-92k on Bitcoin which will follow the U.S. stock market. As you know, I still believe stocks have room to move higher and my indicators all seem to agree. SPY could even reach 650-700 before it's all said and done.
Let's look at what my view is for the coming weeks and talk a bit more about my new indicator system.
I know you're tired of hearing it. I know. But we're so close now. Keep the faith. I have not waivered or varied on my year-end target for 2024 for a year and a half now. And I still believe it will be achieved.
In the beginning of 2023, I called for a year-end target of around 70k. We nearly hit that. And somewhere in the middle of 2023, I suspected we would see nearly 100k by the end of 2024. But I don't believe we'll quite get there this year. However, my target is still much more optimistic than others. I am still calling for 88-92k on Bitcoin which will follow the U.S. stock market. As you know, I still believe stocks have room to move higher and my indicators all seem to agree. SPY could even reach 650-700 before it's all said and done.
Let's look at what my view is for the coming weeks and talk a bit more about my new indicator system.
Comment
As stated in the video, the 200 dma will provide resistance. I expected us to hover under it for a good part of a week. We have done that so far with no breakdown and have good volume support directly underneath us (see VRVP).
If we break below our big volume candle on the VRVP, I expect I may get a sell signal and we could break down further. For now, this is simply a local pullback and we are actually forming a bull flag which means we could go higher soon and retest the top of our channel.
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
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