Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

$545 Ether and $7045 Bitcoin Are Key Areas to Watch

By -

By Ryan Wilday, ElliottWaveTrader.net

Those key levels were $7075 and $505, the May 28 lows.

And, while it did bring bitcoin down hard, we’ve seen very little decline in ethereum. I had suggested in previous writings and on my Korelin Report discussions that we’ve seen some fledgling signs of decoupling in some alt coins from bitcoin movements since April. This is further evidence.

Not only did bitcoin break $7075 but plummeted a further 18% to $5770, while ethereum dropped only 14%. While this may seem like splitting hairs, this with the relative outperformance in ethereum since April is significant in my world. Ethereum is a higher beta asset than bitcoin. This means it normally moves farther in both directions. But not this time.

Also, when measured by Fibonacci extensions, it can still be said that ethereum may be holding on to a bullish, albeit tested setup. No chance in bitcoin. It is has already broken April and February lows. (more…)

This is It for Gold

By -

by Avi Gilburt, ElliottWaveTrader.net

For those that follow me regularly, you will know that I have been tracking a set-up for the SPDR Gold Trust ETF (NYSEARCA:GLD), which I analyze as a proxy for the gold market. I also believe that gold can outperform the general equity market once we confirm a long-term break out has begun, and I still think we can see it in occur in 2018. This week, I will provide an update to GLD.

While I have gone on record as to why I do not think GLD ETF is a wise long-term investment hold, I still use it to track the market movements. For those that have not seen my webinar about why I don’t think the GLD is a wise long-term investment, feel free to review this link for my webinar on the matter.

(more…)

The Conundrum Of The US Dollar

By -

By Avi Gilburt, ElliottWaveTrader.net

I am going to do a larger degree overview of the DXY, since I have not done one in while, and I have been getting a number of questions about it of late.  So, if you are following along, please take a look at the attached monthly chart, as I go through the progression of where I think we are in the larger degree time frames.

Back in 2011, we correctly saw the impending multi-year rally developing in the DXY, whereas most others were looking for the dollar to crash.  In fact, our target was 103.53, the 1.618 extension from the 73 region, which we exceeded by 29 cents before the market turned back down.  And, to put this market call into context, many of you may remember the certainty within the market that the dollar was going to crash due to all the QE thrown at it.  Yet, the exact opposite occurred, which clearly surprised most of the market . . . well . . . at least those who were not reading our analysis.

Initially, I had expected the turn down in the DXY from 103.53 to be a 4th wave, which would hold support at the 91.70 region, the 1.00 extension and common target for a 4th wave. However, when we exceeded that support to the downside, we then overlapped into what I was initially counting as wave 1 off the 2008 lows (now labeled as an a-wave), which then invalidated the standard impulsive structure I was tracking since that time.  This caused me to re-assess the entire structure since 2008, which has me viewing the larger structure now as a corrective rally into 103.82.

(more…)

Ethereum & Bitcoin: First Sign of Unravelling Cryptos

By -

By Ryan Wilday, ElliottWaveTrader.net
In articles starting in April I discussed the bullish impulse we had seen off the April lows for nearly every coin I track. And, I discussed how the lows on May 28 were testing levels that, if broken, threatened the continuation of that impulse.

Unfortunately, as of writing, those levels have broken. These levels were $7075 in bitcoin (BTC-USD) and $505 in ethereum (ETH-USD). And, while we have a few outliers in the cryptocurrency, most coins are following suit.

Is all lost?

While this can seem disastrous, especially for those with large holdings, I still believe we’ll see long-term support hold. In fact, most markets push bullish levels to the limit before bottoming, and I’ve seen it time and time again in the crypto market. This may be one of those times. But we must see.

(more…)

Is It 2016 Again For U.S. Equities, Emerging Markets And Gold?

By -

By Avi Gilburt, ElliottWaveTrader.net

Bears seem to be roaming wherever you look, whether it be in the US equity market, the gold market, and especially in the emerging markets as of recently. Whether I read articles, or the comments to those articles, it seems there is a common expectation that “emerging market dominoes are falling” and it will “cause deleveraging and contagion” across portfolios worldwide.

It certainly sounds like a dire situation is developing in the world today. Does it not?

(more…)