Archive for category: Premium

The last report on cryptocurrencies read make or break week for many crypto pairs. So many chart were at inflection points. These was a bullish case to be made if right shoulders developed on chart. On the other hand if they failed, there were many chart that were waiting to break down well-defined horizontal supports. Right shoulders never developed and many horizontal setups broke down. Charts below are an update on those developing downtrends and also additional fresh setups.

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) remains below its 200-day average. To get bullish on Global Equities, I want to see the ETF clearing the 200-day average and settling above it. Until that happens I will view this as part of larger scale complex correction. The 200-day average is currently at 99.7 levels. The ETF failed to form the right shoulder of a possible reversal which led the price to test the previous lows at 91.7 levels. Breakdown below the lows can result in a continuation of the downtrend. On the weekly scale chart, price is inside the channel and also clearly below the long-term average, exposing the ETF to further downside if the minor lows are broken down.

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) once again fell below its 200-day average. To get bullish on Global Equities, I want to see the ETF clearing the 200-day average and settling above it. Until that happens I will view this as a counter trend rebound. We can see more sideways consolidation around the 200-day average until the index finds direction. The 200-day average is currently at 100 levels. The bullish case would be the formation of a H&S bottom reversal with the right shoulder being in progress. I would give few more days for the ETF to prove the bullish thesis wrong. An upward move towards 100-101.7 area will increase my confidence on the H&S bottom reversal development. Failure to form a right shoulder and continued weakness will establish the downtrend below the 200-day average for the coming months.

When I start seeing the same chart pattern on several price charts I call it a developing "theme". Yes, those assets might be correlated but usually I don't see similar price actions taking place on a wide universe. Several altcoins are showing similar reversal chart patterns. Question is: are they going to be successful? I will give those patterns another week to prove themselves. Though I can't wait another week to bring them to your attention. I want our members to follow those patterns the way I'm monitoring them in the following few weeks.

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The benchmark for the Global equity markets performance, the iShares MSCI All Country World Index ETF (ACWI.O) recovered above its 200-day average. To get bullish on Global Equities, I want to see the ETF clearing the 200-day average and settling above it. Until that happens I will view this as a counter trend rebound. We can see more sideways consolidation around the 200-day average until the index finds direction.