With the great readings we had on the Bitcoin chart, I had really modest expectations, explained Jeff Greenblatt by Lucas Wave International.
That being said, the chart hit its lowest point since the bottom. The new downside was not expected as some sources thought the rally was over. I will explain to you why it didn’t end and how exactly it was saved by the bell.
The bell came in the form of a gold spiral with 161 window tendency from the actual bottom on a 180 minute chart. I don’t think the 161 vibration in itself would be strong enough to reverse it. So what did it finally do?
I’m going to show you a trend that we haven’t talked about yet, but seeing this should change your view of prices. Little did most people realize that the price of financial security is an odd attractor too. What does that mean? In terms of quantum physics and chaos theory, a strange attractor acts as a magnet for price movement. It attracts and repels at the same time. Different numbers affect the price action in different ways. Take a look at the first short cover mandrel below. The high was 12,990. For most people, that means absolutely nothing. Ignorance of the law does not excuse anyone. We also read in the Old Testament that my people perish for want of knowledge. You won’t be drowned here, but you will miss out on a lot of information and opportunities that the market is happy to share with you.
If we hit price points in the 1990s, a steep retracement is more likely. Make a move up to a 90 vibration, you could very well get a 90% retracement. We had it right here as the first drop to retest the floor was a 91% retracement. It looked like it could stand, but it wasn’t. As a result, we received a 92% retracement on the Golden Spirale 161 window. I know this sounds like a foreign language to most of you looking at lagging indicators or other band-heavy indicators. Have you ever noticed a price that ends exactly at 00 revolutions on the hour? None of this is a coincidence.
It didn’t surprise me that Tuesday night it went with the golden spiral cluster and steep retracement methodology. It was saved by the bell and now appears to be a close lock to retest the descending canal line. All I’m going to say is if the low is hurt in a meaningful way, you can kiss Bitcoin goodbye as this will usher in a new bear era of uncertain duration.
Elsewhere, the US dollar remains in trouble as it can never break that midline. This time from the 62-day high, which was 10 dg on the Gann calendar, last week’s attempt to prop it up only brought it to 72 dg day on the Gann calendar, making it a 62-dg -Movement made. Someone continues to work to shore it up even though it has had exceptionally good kairos reading after another. This is at the middle support level and is about to enter the dangerous phase of a bear market.
Finally, I took a close look at the BKX, which is now 6 days from its high. The bars on the daily chart look good, but when I look at the weekly chart I see a 61 gold spiral harmonic that could result in a major correction that could affect the entire market. It’s been 61 weeks, which in itself is not a sell-signal. Watch the biggest pullback early on. Wasn’t it a 62% retracement too? I’ve shown you many times how important it is to replicate the same numbers in different ways. This could lead to something more important, even if it has already given us a reaction. This period of rally stayed on the weaker side of the channel and the first indication of real trouble will be when action falls completely out of the channel.
Banking isn’t the only index in trouble. Have you seen transports lately? I didn’t place this one today, but it has already made a left turn down and hit a new relative low on Wednesday since the May 10 high. It looks like something that wants to go down.
At the beginning of June, the markets are in the early stages of this divergence. Sometimes it takes a while for a divergence to play out completely. We have all summer to see how it manifests. However, if the September stock graveyard activates this year, the problems could start right here.
For more information on Jeff Greenblatt, please visit Lucaswaveinternational.com.