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July 22 - Advanced Micro Devices (SMCI.O) expects fourth-quarter revenue to be near the bottom of its guidance range of $11 billion to $12.5 billion. Gross margin for the fourth quarter is projected to be 15%-17%, significantly higher than the previous guidance of 8.2% to 8.4%. The companys order backlog reached a record high at the end of the fiscal year, with over $60 billion in new orders pending delivery this quarter. SMCI shares rose over 20% in after-hours trading.The API crude oil inventory data for the week ending July 17 will be released in ten minutes.Faraday Future (FFIE.O) will implement a 150-for-1 stock consolidation before the market opens on July 24, 2026.On July 22, Iranian President Pezechzian emphasized on the 21st that Iran must maintain internal unity and cohesion and should not unjustly belittle the results of the negotiations. Speaking at the National Industry and Mining Day celebrations, Pezechzian said that Iran has made steady progress on important issues such as the reopening of the Strait of Hormuz and the resumption of oil exports during the negotiations. Despite the US breach of contract, Irans achievements in these processes have "far exceeded expectations." Pezechzian said that discussions about the methods and results of the negotiations are welcome within Iran, but the results should not be belittled with unfounded statements. He stressed that maintaining unity and internal cohesion is crucial to Irans current situation.Market sources indicate that U.S. Chairman of the Joint Chiefs of Staff General Dan Kane has not explicitly stated whether a U.S.-Iran conflict would include ground troop operations.

This Year, Bitcoin Has Stagnated. What is to Come Next?

Alina Haynes

Apr 29, 2022 10:09

Technical Analysis of the Bitcoin Elliot Wave

截屏2022-04-29 上午9.34.49.png

 

Bitcoin (BTC) began the year 2021 at a price of $46197 and is currently trading at $40297. Only a 12.8 percent decline, but everyone is gloomy. Between January 24th and March 28th of this year, it went as low as $32991 and as high as $46669. Almost all of BTC's price activity this year has been limited within a range of $35500 to $45000, with a mid-point of $40500.

 

From an Elliott Wave Principle (EWP) standpoint, sideways markets are the most difficult to anticipate due to the abundance of alternatives. Knowing which scenario is more likely becomes more of an educated estimate than it is when the cryptocurrency is in a much more defined impulse-based upswing. Consider Figure 1.

 

Bitcoin displayed a distinct impulse pattern leading up to the blue Primary-III high in early-2021, and then a distinct five-wave impulse pattern from the June lows to the November 2021 highs. BTC should have topped for a (pink) Cycle-3 wave and is currently in a Cycle-4 wave, according to my larger-picture EWP analysis.

 

I demonstrated in my prior report, which can be found here, that BTC was constructing a more imminent downside setup to $25K for wave-C4. Or if it becomes more problematic due to the famously difficult nature of fourth waves. In today's update, I'd want to take a deep dive into the more complex case. 

Final Thoughts

BTC is currently undergoing a multi-month fourth wave correction of the same magnitude as the wave that concluded in 2018 following the 2017 apex. Fourth waves are perplexing because they can take on at least 12 different patterns. Knowing which of these is which is impossible in advance. At this point, BTC has the potential to evolve into a complex triangle, but three factors must occur in order for it to occur:

  • Maintain a position above the trendline connecting the January and February lows, which is currently located at $36900.

  • Closer to this year's mid-point of $40,500. This reintroduces the possibility of targeting $45,500.

  • A near-recovery of the late-March high of $46669. Then the possible greater a-b-c pattern of wave-B is activated, preferably reaching $60K.

  • As a result, the stage has been set. The conditions are favorable for the formation of a complicated triangle. All BTC needs to do is give the triggers for the "three-step program" outlined above.

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