By Ryan Wilday, ElliottWaveTrader.net
In my last article I stated that we had the potential for a lasting bottom in the crypto market, starting with a low in most coins on February 6th. However, in that article I also gave the conditions for that bottom to fail.
Those conditions, unfortunately, became reality. We have since seen both Ether and Verge, highlighted in that article, slide to new lows below the February 6th low. Bitcoin and Ripple did not fall below their February 6th levels, but did confirm the unlikelihood of that low marking the beginning of an impulsive wave.
In the process, Ripple is largely acting as expected. (more…)
Errr, down about 65% or so across the board. It seems to me this party has ended permanently.
At least one market has the ability to go lower and stay lower………
I just shorted a bunch of FXE with a stop at 120.66:
I find the previous two monthly charts of USD and Euro to be of such great interest that they could well be assigned the designation of Amigo #4. But that would screw up a perfectly good (and goofy) theme.
I could shoe horn them in as the 4th Horseman (thought I forgot about this theme, did you?) but the 4th rider was to be the Gold/Silver Ratio (GSR). We’ll see on that, because the GSR has been a dysfunctional indicator for so long now.* USD & Euro may yet be the 4th Horseman of the Apocalypse to help bring on the pain after the happy go lucky goofballs above finish up. (more…)
Let’s face it, the trend for the US Dollar is pretty clear. Trump’s weird little missive about a strong dollar yesterday was just a blip.