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Primarytrend

BTC shows bullish correction in an overall bearish marketForget about the hype in XRP this morning. People go straight to emotion, but should instead have a plan in place to ease back on the emotion trades. Trust the charts you build or trust someone you watch that builds charts. BTC has rallied up a tad right into a 50% Fibonacci retracement level to find some selling interest. Happy Fibonacci Friday! The 61.8% level and the red trend line intersection is a strong spot and should be tough to breach. At the same time price has moved up in the last 48 hours, momentum for trend has weakened. The black ADX line (trend strength indication) plotted under the price chart has dropped the whole time price has tried to rally. I look at this picture as a spot to watch for selling interest to come back into the market to resume the already primary bearish trend that has been in place for a long while. Price needs to break the red trend line to the upside, with backed internal trend momentum, to be the first red flag this market has turned or reversed the primary trend. With all the hype in cryptos the last day or two, the charts show what the hype means.. so far nothing! Any questions let me know!
BITFINEX:BTCUSDShort
by CryptoMarket360
Dow Double Top Signal: at or near pivot in reaction waveBestimate projection for Dow going into August, tied with October for weakest month of the year. Coming off a strong rally in July, odds favor more volatility. Dow appears to be in a corrective, reactionary wave cycle: 'A' wave from first top 07/26 ran down to the flash crash Thursday 08/02 (Label 'W' of WXY reaction). Notice labels for larger primary trend are ABCDE, so I used WXY for the reaction and 12345 for the minor wave cycles. B wave of surprising strength carried index up to the 0.786 Fibonacci retrace (label 'X'). A complete 5 wave impulse in this reaction wave is apparent (labeled; 2-hr chart). Dow banged on ceiling at 25500+ but pushed back, expect at least one retest. To continue the 3rd primary wave from here would require advance to higher high of > 25650 to meet top of rising channel; if index fails to retest channel, then this second high becomes part of a reactionary wave, rather than an actionary continuation of the primary. Expect C wave (Labeled 'Y') to be shallow (Elliott alternating principle); bullish exuberance returns to the markets, buying the dips is back in fashion. A .382 retrace would carry back to 24982; a 0.50 to 24794. A 0.618 to 24606 is quite possible, if anxiety returns to world markets. Time frame for wave C: 5-10 sessions. Very nice analysis at this link presenting two alternate ending plots: www.scienceinvesting.com Comments are welcome; Good luck traders!
DJ:DJIShort
by DaddySawbucks
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