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The Last Mega Megaphone 6/21/21

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A little panic after the close on Friday, with piling on in the early going in Asia broke the longest megaphone. But the Europeans rode to the rescue at their open, bringing the ES futures back from a touch of the lower line of the shortest widest one. Hourly oscillators roughly representing a 3-5 day cycle turned up from their lowest levels since the May 12 and 19 lows.  So this looks like a short term bottom, with some backing and filling, and a possible retest or minor new low likely before liftoff.

5 day cycle low projections were obliterated on the selloff.  Even a 2-3 day cycle low projection of 4137 was smashed.  

The comeback hit resistance at 4169. Next likely R levels are 4172 and 4182.

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Meanwhile,

Pick List Longs Escape With Flying Colors, Now for the Shorts

Bond Market Has Mitigated Some of the Risk, But Don’t Go To Sleep

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BTC now has a 9 month cycle projection of 28,000. Breaking 29,000 would result in a conventional measured move target of 0 for the head and shoulders pattern breakdown. Actually -5,000, but I don't think it can go negative, can it? 

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17 minutes ago, DrStool said:

BTC now has a 9 month cycle projection of 28,000. Breaking 29,000 would result in a conventional measured move target of 0 for the head and shoulders pattern breakdown. Actually -5,000, but I don't think it can go negative, can it? 

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I will be a buyer at zero.

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16 minutes ago, Jorma said:

I will be a buyer at zero.

But you will owe them when it drops to -5000. 

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24 minutes ago, potatohead said:

I have never seen anyone buy an asset on leverage and make the announcement prior to buying their position.

 

https://www.streetinsider.com/Corporate+News/Microstrategy%2C+Inc.+(MSTR)+Acquires+Additional+Bitcoins+and+Now+Holds+Over+105%2C000+Bitcoins+in+Total/18580675.html

 

A new "Asset" category........... the Crypto-Junk Bond (probably have a negative rate in the future).

soon followed by a slew of CJB indexed ETF's "for the masses"........

https://www.bloomberg.com/news/articles/2021-06-07/microstrategy-to-sell-400-million-in-debt-to-buy-more-bitcoin?sref=6uww027M

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