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Japans overtime pay rose 1.2% year-on-year in November, up from 1.5% in the previous month.Japans November labor cash income rose 0.5% year-on-year, below the expected 2.30% and the previous figure revised from 2.60% to 2.50%.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.94% to 48,996.08 points, the S&P 500 fell 0.34% to 6,920.93 points, and the Nasdaq Composite rose 0.16% to 23,584.27 points. Caterpillar fell more than 4%, and Nike fell more than 3%, leading the decline in the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.56%, with Google rising more than 2%, Microsoft rising more than 1%, and Intel rising more than 6%. Most Chinese concept stocks fell, with Melco Resorts & Entertainment falling more than 7% and Full Truck Alliance falling more than 7%. 2. European stock indices closed mixed. The German DAX rose 0.92% to 25,122.26 points, the French CAC40 fell 0.04% to 8,233.92 points, and the UK FTSE 100 fell 0.74% to 10,048.21 points. German stocks rose, benefiting from strong infrastructure investment and the industrial sector. French stocks were dragged down by declines in luxury goods stocks such as Kering and LVMH. UK stocks fell due to a pullback in energy and metal stocks, coupled with expectations that the Bank of England would maintain high interest rates. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 1.45 basis points to 3.470%, the 3-year yield rose 0.28 basis points to 3.525%, the 5-year yield fell 0.52 basis points to 3.703%, the 10-year yield fell 2.16 basis points to 4.147%, and the 30-year yield fell 3.17 basis points to 4.829%. 4. The WTI crude oil futures contract closed down 1.28% at $56.4 per barrel; the Brent crude oil futures contract fell 0.51% to $60.39 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 0.65% to $4467.1 per ounce, and COMEX silver futures fell 3.77% to $77.98 per ounce. 6. Most London base metals fell. LME tin rose 0.34% to $44650.0 per tonne, LME lead fell 0.60% to $2058.5 per tonne, LME aluminum fell 1.60% to $3083.5 per tonne, LME zinc fell 2.63% to $3160.0 per tonne, LME copper fell 2.93% to $12866.0 per tonne, and LME nickel fell 4.21% to $17655.0 per tonne.According to US financial media Semafor: US Treasury Secretary Bessant, US Commerce Secretary Lutnick, and US Energy Secretary Wright will attend the Davos World Economic Forum together with US President Trump.U.S. Republican Senator Lindsey Graham: Following my meeting with President Trump on Wednesday, I have approved the bipartisan Russia sanctions bill.

Deep Dive into Bitcoin’s Elliott Wave Count

Jimmy Khan

Mar 02, 2023 15:35

微信截图_20230302114650.png

Additional Fifth Wave?

We discovered using the Elliott Wave Principle (EWP) for Bitcoin (BTC) two weeks ago that resistance is currently at $25.5K, in contrast to the more normal connection between the 5th wave and the first and third waves, which is frequently 0.618x the entire W-i+iii rise. 

Therefore, we can accept higher values and the achievement of our $27-28K goal zone as long as Bitcoin can maintain a price above $22.5K.


Bitcoin peaked at $25.3K the day after, exactly at the resistance, and fell to $22.8K over the weekend. Is the optimal goal of $27–28K still attainable—keep in mind that markets do not have to be perfect—then? Bitcoin is no exception to the trend of prolonged 5th waves in cryptocurrencies. In this scenario, as shown in Figure 1 below, the weekend drop represented a 62% retracement of the February rise.


As a result, we can set up in a beautiful green W-1, 2. We can allow for this configuration as long as the lows reached this weekend hold (thus, these lows can be used as a stop loss). To be confirmed, this option will need to break out above the February highs ($25,333) without falling below them. Then, we can anticipate a recovery that will, ideally, reach $31K+/-500.


The Bears are given a strong caution if Bitcoin descends below this weekend's low, which could lead to a drop to the red W-iv low. Below that, the possibility depicted in Figure 2 below becomes more probable.