NDX 20k, Bitcoin 20k? – Elliott Waves w/Bennett
By Bennett Tindle September 7th, 2021
Greetings traders and investors, Bennett Tindle from TradingAnalysis.com checking in. I hope you are all doing well! Over the weekend we met to discuss the current state of affairs in the markets, and at the time I promised you a short-term update on price action to start the week. Today the markets traded mostly in consolidation, with the Nasdaq 100 breaking higher from the opening lows and closing positive up +0.15%. The overall rotations back into Growth stocks and sectors continue, as per the out-performance as well as the RRG analysis our Research Director Terry Long has been conducting. In fact he has been all over the major market rotations and sector pivots, so hats off to him for a job well done. In the short-term we see a completed impulsive structure from the August 18th/19th area index lows, and should now be looking for a completed corrective retracement. Short the Elliott Wave talk, essentially we now need to see this pullback base from support prior to sounding the ‘all clear’ for continuation higher. While the Nasdaq low may be in after the close today, the S&P 500 looks like it wants further downside prior to finding that support base. Another key setup we are watching is in the treasury market, also discussed in tonight’s update.
Other developments on watch today include the decline in Bitcoin, selling off to a $42,000 area low from the near $53k high just yesterday! If you follow my on Twitter (@eWavePilot) you know I moved out of Bitcoin on August 23rd near $49k in anticipation of this pullback. This is the second major sidestep I’ve been able to execute on thanks to our lead Crypto & Macro Analyst Alex, who confidently suggested the 65k area top and reversal that followed. If you are interested in more on what Alex has to say regarding Bitcoin, be sure to tune in to our TA Live! Wednesday Livestream show tomorrow morning (link and details below). In this update I present my view on Bitcoin, including wave developments and potential support zones, but be sure to join us tomorrow as well as Thursday for CryptoLab live with Alex (9am EST on the TA YT Channel) for more information and analysis.
That is it for me tonight, thanks again for your time and I will see you on the next update! Regards,