Now, yesterday, based off what i was seeing, I suspected a low was being put in and I expected a rally. And while we’re getting one, it’s not quite as vigorous as I would have expected it to be. Now, if we have a strong close, the bull count will be my favored one. However, if this rally deteriorates, I won’t have much choice other than to label everything as a nest of ones and twos, like this:
A couple of things possibly in support of this are:
1. Bitcoin still hasn’t recaptured its head and shoulders neckline (orange trend line), despite the impressive pop today. If it recaptures it, so be it, but I’ve got to see it to believe it. Until then, it’s merely a backtest from beneath.
2. Some of you may recall my use of the “aggregate US indices” ticker I referred to recently. Yesterday, it broke down from its parallel, horizontal channel. It’s trying to recapture it today, but if it fails, it would be quite a grave development.
Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.