XGD - Australian Gold Stocks Index Update

XGD bought the 92-96 index. It is off the path and XXed. The structure looks pretty healthy though, back indexes are in the correct order with 92-96 falling. That is typical for bull markets. I personally expect a push to $8000 before a more significant correction but that is not required for the bull case to persist. In traditional TA terms, the price is settled inside the upper trending channel with a lot of space to move up and down. 

XGD - Australian Gold Index Update

For the 92-96 buy signal to be generated the price needs to close above $7617.2 by Thursday 27th May. 
Generating the 92-96 buy would coincide with breaking through the 200 days MAV, currently at $7582.19. This would open the path to $8000. 

Other resistance levels for Wed 26th are $7512, $7556 and $7639. 

Bitcoin update

Since the last time Bitcoin sold the 92-96 index and is now officially in a bear market. Since the sell, it is already down 20%. Yesterday it closed below 200 days MAV and broke the uptrend line that started in October  2020. I wouldn't be surprised to see it rally back to sell 16-20 index around $43000-$45000 and then continues down to $20000. Since the breakdown, I have been trying to find one single bitcoin commentator being scared or bearish but I couldn't find a single one. The sentiment is absolutely bullish.

XGD - Australian gold index update

 

BTC update

 Bitcoin bought and then sold the 35-39 index inside its current bull market. Pretty bearish signal especially because it was corroborated by the 16-20 sell 2 days later. If the 92-96 index sells the bull is over. The price needs to go over $60,000 in the next few weeks to avoid the sell signal. In the next 10 days the sell stop is between $45,000 and $55,000. (click to magnify)

This morning the $45,000 level was tested and held well.

I noticed that bitcoin is trading mostly in accord with tech stocks, like Tesla and Apple. Both of them already ended their bull markets and I expect them to accelerate to the downside. 

AAPL (click to magnify)

TSLA (click to magnify)

BTC true bull 2016-2018

26.10.2016-7.3.2018 - true bull

498 days, four 35-39 waves inside the bull

entry 92-96 buy $678 

exit 92-96 sell $9965   (+1369%)

if 35-39 was used as exit, sell $13772 (+1931%)

detail around entry point

2019 35-39 on the path, non xxed 

159 days

entry $3909

exit $9499     (+143%)

Ethereum update

 Ethereum, click to enlarge

Bitcoin update

Click to enlarge