As discussed yesterday in the email sent to my members there was this possibility of seeing the EGLD pull back slightly to lower the bottom of its wave 2. From now on through my analyzes I will include a follow up on the S&P 500 (SPX) and the Nasdaq and the DXY ( USD) because several correlations exist between these indices. I didn’t like the recent tweet of Elon Musk saying “nobody is enough stupid to buy the dollar)… market makers were waiting for that one…. Elon should focus a little more on produce it’s own cars in time.
S&P 500 (SPX) – Dollar ( DXY ) and Nasdaq (IXIC)
Right now we have some indications that the SPX is looking to pull back.. since the we had a on the daily close feb 16th. The DXY has already marked a on the weekly and monthly chart and currently seems to be tracing what could be wave 2 of a new streak of 5 impulsives. We gonna have to watch the dollar.. if the dollar is reversing, Bitcoin will make a pullback.
SPX : A candle closed on the Feb 16th.. we are on a correction (pullback). No indications for now that we are reversing yet.
Nasdaq : No real indications that the market will pull back significantly for now. Seems to be a normal (small pullback)
DXY : Still in a corrective phase, but we mark a on the W chart and the M chart. The USD is creating a W2 on what it could be a new 5 impulsive waves.
Current situation on the EGold: Market makers put the EGLD under the MA21, the question is, is it temporary? I will have to go a little deeper today, this DXY of the dollar is definitely something we need to focus on and I will analyze this more in detail today.