Monday June 13 2022 10 00 AM CST
The 1973-74 50% two year melt down never had an extreme one day crash, say 10% or more. That said, Bitcoin is down 21% today, so much for the currency of the future.
Again the various averages topped between early November and early January. That market a five of five wave top dating back to 1932 and even 1788. While the media struggles to explain this via current events, the better idea is that five waves of various fractal degrees are now complete, the new direction is down.
In an earlier post this morning we suggested the next two one weekly one monthly support levels for the DJIA of 29,000 the pre covid high and then the covid low of 18,000.
the weekly 200 bar MA for Transports is at 12,096 and that looks like the next support level with TRAN already at 12,957..
Please note that I said the bear market is just getting started. The monthly TRAN chart makes this clear. The monthly PMO is just NOW crossing over in the lower panel.The potential for lower prices is high. Note the monthly 200 bar MA is 7,599. again as with DJIA that is about the covid low of March 2022. TRAN could be there by November.
Chuck Schumer to Cavanaugh on the Roe decision
You will never know what hit you
we might say the same about crypto investors, note Andy Kessler's column on who will pay for that fiasco in today's WSJ
Comments