mukit1

mukit1

Breaking down into the big bad channel maybe was the first warning of a false breakout. August first price action just made things a whole lot worse. The hope here is that RSI is tanked and has multiple pints of bullish divergence. But the bad news is, the overall price action is still a very 3 waves structure. If price falls into wave 1 territory, then it is...

mukit1

RIOT has broken above a very important downward channel dating back July of 2023. It is imperative that RIOT stays above the channel. The sideways consolidation while BTC and the crypto market corrects is a pretty good sign. Next week might be more of the same, maybe a bit more down to gain the momentum back for the last leg up. If we get the final move up, it...

mukit1

Uber is most likely approaching a cycle degree end with a massive leading diagonal structure. The price might get higher than $100 or even close to $150, and it will look like an impulse, but most likely that would a long-term top. Uber is facing maximum pressure from robotaxi competitors and higher labor costs. Even with the recent Uber deal, it might be a little...

mukit1

After breaking out of $0.27 Doge is poised to go to the next level at $0.49. Expecting a pullback to get in, but market may not provide a lot of time to think about it. At this point 2 counts are at play and both bullish. Blue count: tracking an ending diagonal pattern. The two 5 waves moves; one from Oct 2023 low and one from Aug 2024 low could be a zigzag. Now...

mukit1

The recent price action from end of June low is creeping up but not a very impulsive way. The drop from May high is in a 5 waves move. That makes things a bit open to interpretation. 5 waves move can both start or end a sequence. So, the question is, if the correction over already or if Doge is heading for another sharp move down. If the later, then we should...

mukit1

I am going back on forth between two counts, both bullish for the time being. It is all about how wave 1 completed. I have readjusted wave 1 as leading contracting diagonal which has several impulsive moves but still in 3 waves, making things very difficult count. The May low is deep enough to be wave 2 following the diagonal. Wave 1 of 3 started off strong but...

mukit1

The move up from June 5th low has been in 3 waves. The current global economic situations have rattled the overall markets this week. Even though BTC is holding the 102k support so far, things are getting much weaker as time passes. If the 102 K support breaks, then we will most likely see a flush down to 95k-90k area. Personally, I will be cautious buyer there....

mukit1

Since the April bottom, RIOT moved up very nicely. Even since the May bottom, things were looking decent. However, the move since June 5th bottom even though we saw some strong moves, it ended up 3 waves move. Along with a lower low today June 13th, I am forced to change into my alternate count. I don't think we are looking at a series of 1/2 moves any longer....

mukit1

Now is the pivotal moment for RIOT. This wave 3 needs to be strong enough to break through the two yearlong downward channel. Not only that, a full 5 waves sequence needs to complete after that to have the full confidence that RIOT is out of its rut. It will take a long time to reach the heights. But for now, we need to see price break above $13 and try to get...

mukit1

This will be a roller coaster ride for the next year or two. I am seeing 3 waves structures everywhere....a ginormous ending diagonal finish that may take SPX to 7500 to 8k. What comes next will be anyone's guess! For now, need to stay vigilant and manage money with caution.

mukit1

RIOT has pulled back with quite a picture perfect 3 waves. But this may be only the first leg of the correction. BTC is also looking primed to take a dip towards 100k-95k area. If that happens, I would look RIO to come back towards the golden zone are and close the gap along the way. There is also a head and shoulders pattern that might play out. If price gets...

mukit1

I am planning on buying and holding for now. SUI probably has the best chart among all altcoins at the moment. Beautiful higher highs and higher lows with perfect 45 degree angle and textbook Elliott wave look; it can't get any better. I started to buy last year and loaded up again during the recent correction and will plan on adding on every dip. Stop loss at the...

mukit1

PLTR had a bull run for the history books. But the momentum is coming to an end for the time being. RSI has major bearish divergence. Wave moves are as textbook as it can get. We should see a small move to complete the Intermediate degree wave 3 and start a correction for intermediate degree wave 4. PLTR corrections can be fairly brutal. Somewhere between 20% to...

mukit1

While BTC is pushing into January highs, RIOT and other miners are still far off from their respective January tops. RIOT had a fine move off the April lows but May started to get choppy. It is not a good sign if Miners are hitting a wall while BTC is ripping. So, at this point the best bullish case for RIOT is a leading diagonal structure. Right now, BTC, NDX...

mukit1 Updated 

PLTR has been on a rip, but not without periodical 20-30% dips along the way. The way MACD is extended, it will not be surprising to see a somewhat meaningful pullback to start the wave 4 correction. Wave 2 was around 30% and lasted around a couple of months. Wave 4 can be quick and deep or can be a triangle that will take some time to resolve. Either way, I will...

mukit1

If we see a higher high on PLTR above today's high at $98.29, then this might confirm wave 1 of 5 of Intermediate wave 5. Some bullish divergences should propel price a bit higher to confirm the price action. Wave 2 should create an inverted head and shoulder look as a classic pattern. PLTR creates strong wave 3 price action and shallower wave 5. So, I will be...

mukit1

My primary count on TSLA is still bearish. On my primary view, this move is supposed to be wave Y of Primary wave 4. If that is still in progress, then the current consolidation is only wave b of Y and TSLA should fall back more towards the lows of $100 area. But we cannot ignore the other side altogether. In this alternative view, Primary wave 4 was complete...

mukit1

The move up today looks very encouraging, but we only have a 3 waves move so far. Price broke above $7.39, which is a good sign, a higher high. Now price needs to stay above $6.67 and complete a full 5 waves sequence. Even then, the danger might not be over until price breaks above $8.24 and better yet, above $8.86. I will be ready to get my bag filled on wave 2...