MCOGlobal

MCOGlobal

DXY: As long as the price stays below the (B)-wave high from end of June, expectations are for the DXY to decline into the low $90 region according to the white scenario. I see wave (C) to the downside as ending diagonal pattern, in which the sub-waves of all waves i - v are 3-wave structures. This would explain why the fibonacci resistance area was broken before...

MCOGlobal

The price technically can still extend down to the $50,600-$50,700 range in this wave 4 correction, however I need to see a reversal in the current price region to maintain the idea that a wave 4 of this particular wave degree is unfolding, which should lead to a fifth wave rally towards the $85,000+ region next. Alternatively, a break below $50,600 would strongly...

MCOGlobal

BTC: Bitcoin Dominance is still unchanged and on a high level. The sideways consolidation technically leaves the door open for further upside, but a break below the ascending trend line could be an early indication for a top to be in place. Please note: Because BTC Dominance is not a tradeable asset, the use of Elliott Wave to identify patterns does not lead to...

MCOGlobal

As long as we see only a 3-wave rally as illustrated in the white scenario, it is plausible to assume a substantial top has formed on SPX. However, I still think it is too early to be bearish, because the market is still holding above the orange micro support zone between 5440SPX - 5368SPX. The next confirmation signal for a larger market top will be a break below...

MCOGlobal

BTC: The price has reached the support zone once more but the look of the decline has led me to make a small adjustment to the micro structure. However, I leave the support zone unchanged. We might see one more low to reach the 50% retracement or 61.8% retracement at $62,224 or $61,860 respectively, but as long as micro support holds wave (5) might start from this...

MCOGlobal

The price has broken above the $0.40 resistance level. Wave (3) should reach $0.4174+ to count as viable third wave. We need to see a 5-wave move that reaches $0.4279+ to have a first confirmation that a low has formed in wave 2.