Equities have recovered slightly from the sell off from last week however were right back at a 32.8 first stop fib level now. This is where deadcat bounces usually get halted. Need to see some bullish structure still to break through and confirm the trend is back to bull. Still war on-going and its causing pain in the market which makes it hard to believe we can see a bull market. Today Trump is speaking I believe and the deadline for Iran's deal which isnt going well from what Ive seen so far which means longer conflicts. Really need to see this war get resolved before getting too bullish again tbh. For now nothing to do but monitor the situation and sit on your hands.
Gold fired off its dbl bottom last week and I am long still. Kinda risky with the on-going conflict but a setup is a setup. If we can get some positive news tonight maybe we start seeing things turn again. Its been very back n fourth lately so I wouldnt be surprised if we start heading back down again here, after the press conference.
Oil still ripping higher as the limited supply shock on oil continues. I did read they were allowing few ships across the Hormuz but its no where near levels we need. Seems that dbl bottom is playing out now and were breaking through the short RLZ. Got higher targets of about 141ish for my AB=CD harmonics. Im still in some oil plays from early feb but not looking to add or anything. Just in profit taking mode as the seasonal trade window is coming closer to some end. Lets see how the press conference goes as any signs of positive news of war ending will shoot down the oil market.
BTC n ETH are hanging on quite well compared to rest of the risk market. Still just range bound and forming these sideways structure. Dbl bottoms tried to come through again yesterday but still couldnt break out. Market feels stuck. Not surprising I guess with all the fundamental events going on.. Weekly chart on BTC though is getting more n more interesting as we continue sideways here. If we can confirm that weekly dbl bottom then I would be pretty excited on the long side of things. Bullish momentum confirmed on the weekly now. Just missing its structure next.
ALTs are pretty much sideways range bound as well. Until BTC n ETH breaks out dont see much of crypto doing too much. Still outliers out there but overall Im not too interested in ALTs atm. Things are definitely on discount at these levels though and setups are setups at the end of the day. Find the ones that are either at the bottom of their ranges or RLZ. Look for the bullish divs on MACD and oversold conditions. And finally hunt them dbl bottoms!
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