US 500: Retail trader data shows 46.0% of traders are net-long with the ratio of traders short to long at 1.17 to 1. The number of traders net-long is 17.7% higher than yesterday and 26.5% higher from last week, while the number of traders net-short is 1.8% lower than yesterday and 5.9% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests US 500 prices may continue to ...
Ethereum broke out of wedge to top-side; but can it sustain? On Friday, we noted wedges forming in Ethereum and Bitcoin, of which the former broke out of to the top-side and sustained a move higher. Since the plunge during the middle of the month Ethereum has been the strongest of the group, but is it ready to head higher or is a broader lower-high developing? On the 4-hr, there is a series of higher-lows and higher-highs ...
Bitcoin near the apex of a triangle, sitting on big support On Friday, the cryptocurrency market was sent lower by exchange-related news in Japan, but managed to rebound. The drop and rebound helped further along the development of a symmetrical triangle in Bitcoin (BTC/USD). The coiling price action is indicative of a potentially explosive move on the horizon. Triangles can break in either direction, which is why it is important ...
Is the euro there yet; that is, has it arrived at a point where it could undergo a correction, or worse? It’s certainly in an area where a turnaround could develop. There is a trend-line running down from the top in 2008, clocking in around the current vicinity to a little higher. For a time-frame this long, you need to pull out the monthly chart and use a crayon versus a pencil to draw the trend-line. When you look at this way, then EUR/USD is trading up against a critical spot near the 12600-handle. ...
The gold price trends have been sloppy since December 2016. That sloppy behavior is evidence of a three-wave move, a correction. Therefore, the current increase in gold prices may not last long. The break above $1357 eliminates the near term triangle possibility and indicates the rise since December 2016 is a large ‘B’ wave. ‘B’ waves tend to be sucker waves that are sloppy and overlapping and the trend for the past year fits that description. ...
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