Trading Update 3rd June 2021
Bitcoin BTCUSD
Looks like we have a triangle on Bitcoin, and we could have a breakout on the upper trend line which is encouraging to an extent. However, there is more resistance ahead. There is a peak around 42990, but there is a possible impulsive pattern forming. I explain the the wave count at 1.12 that give an encouraging glimmer of hope for that breakout.
Ethereum ETUSD
Looking more positive, with a wave 3 of 3 developing at 2908. A break above that level or 3000, would set the scene for a decent rally on Ethereum.
Gold
No change on gold, we have arrived at 3 of 3, but it is difficult to see the move from here on in. Possibly a wave 4.
Silver
Again, not much change, wave 3 potentially complete with a possible wave 4 in progress. A 5th wave still due.
Ftse
We are seeing a triangle on the Ftse, but price looks to be dithering at the moment. Just a mess, best to wait until there is some clarity.
Dax
Whilst the trend is up, the Dax doesn’t really seem to be achieving much at the moment. Again, another question mark.
Dow
Potentially another sell off could develop, but more confirmation required for a potential wave 1.
Nasdaq
A similar story to the Dow, looking like there is an ABC correction in the chart. But thereafter, just sideways action. Potentially a break low if it takes out current support.
Update for the 3rd June 2020 ends.