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By CryptoSaint · Posted
NEAR Eyes $10: Breakout or Bounce? $NEAR's rally mirrors Bitcoin's, but can it break the $10 resistance this time? RSI & DMI hint at bull momentum, but past failures loom. High trade volume suggests a potential breakout, but watch for support at $6.2 if it falters. #NEAR #cryptocurrency #analysis https://coinpedia.org/price-analysis/this-breakout-rally-in-near-price-trend-could-give-2x-returns/ -
By tradinglounge · Posted
Gold Elliott Wave Analysis Function - Trend Mode - Impulse Structure - Impulse wave Position -Wave 5 Direction - Wave 5 is still in progress Details - Impulse breakout for wave 5 progresses. Upside is still favored. Same interpretation as the previous one. The invalidation level is below 2276. After three weeks of correcting its long-term bullish cycle, the metal is now resuming its upward trend. Unless a sharp decline occurs, the potential for further rallies remains strong. This blog post examines the entire bullish cycle from October 2023 and the current price position within the Elliott wave framework of the impulse rally. On the daily chart, the renewed strength began in October 2023 when the 12% decline from May 2023 ended at 1810.5. This bullish move can be traced back to the September 2022 low of 1616.9, where the 4th wave of a supercycle degree impulse, which started in late 2015, concluded. Therefore, the bullish progress since 1616.9 is part of wave (V) of the supercycle degree. According to Elliott wave principles, this signifies a powerful and extended move, as supercycle waves typically encompass large and sustained price changes. The daily chart indicates that the price is in wave III of (V), which hasn't yet completed its 3rd sub-wave of the primary degree in blue. Wave III is typically the most dynamic and extended phase of an impulse wave, often characterized by strong price movements and high momentum. Within this context, the bullish potential for Gold is substantial and suggests an extended upward trajectory that could last for several years. Currently, Gold is in wave 5 of (3) of the blue '3'. This final wave 5 of (3) is crucial as it will complete the larger wave III structure before a more significant correction occurs. Based on wave analysis, wave 5 has not yet ended and could extend to the 2463-2500 range or even higher in the coming weeks. This projection aligns with the typical behavior of wave 5, which often stretches to new highs, fueled by the final burst of investor enthusiasm. On the H4 chart, we observe that wave 4 ended with a classic zigzag structure, a common corrective pattern that sets the stage for the next impulse wave. Following this, wave 5 has begun to emerge, indicating a resumption of the bullish trend. The price is currently in the minute degree (circled in blue) wave iii of 5. As long as the price remains above 2276, the impulse for wave 5 is expected to continue its ascent in the near term. In summary, the Elliott wave analysis points to a strong bullish outlook for the metal, with significant upward potential remaining. Traders should watch for further gains and consider buying on dips, as the long-term trend supports continued appreciation. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
Meme stocks like Gamestop and AMC are back in the headlines, but is it a reason to be worried about this market rally? Source: Getty Images Shares Internet meme Meme stock Stock Market trend AMC Theatres Written by: Chris Beauchamp | Chief Market Analyst, London Publication date: Thursday 16 May 2024 01:42 What’s driving the move in meme stocks? Meme stocks like GameStop and AMC are soaring again, delighting retail investors but frustrating critics. GameStop shares have surged 340% over the last 10 trading days after posts from Keith Gill, the central figure of the 2021 meme stock frenzy. Other heavily shorted companies like AMC, Koss, and Tupperware have also rallied. While still below their 2021 peaks, the recent gains have inflicted heavy losses on short sellers betting against these stocks. Short interest in GameStop hit a 20-month high before the rally. However, there is little evidence yet of a major short squeeze driving the surge. Options trading has spiked, especially in bullish call options on GameStop and AMC. Retail trading activity has picked up notably but remains below 2021 "meme mania" levels. The moves highlight the continued force of the social media-driven retail trading phenomenon, allowing quick profits for some but concerning critics who view the valuations as disconnected from fundamentals. What does it mean for the broader market? Many investors will see the return of the meme stocks as a sign that this stock market is becoming frothy, driven by high expectations that are doomed to be disappointed. While meme stock volatility was previously seen as a warning sign of broader market risk-off sentiment, the recent surges in 2024 appear to signal a healthy appetite for risky investments. A key difference is that the current meme stock swings are being driven more by fundamental factors like earnings, rather than just social media frenzies as in the past. Looking at seven well-known "meme stocks" - GameStop, AMC, Carvana, Beyond Meat, Kodak, Palantir, and Coinbase - their clustered volatility spikes have at times preceded downturns in the S&P 500, such as during the 2022 bear market. However, since the October 2023 lows, the meme stock volatility does not seem to be a leading indicator for the broader market. Instead, it likely reflects a risk-on bull market environment where the rising tide is lifting meme stocks as well. Rather than being a contrary signal, the recent meme stock rallies appear to be an expression of investors' appetite for riskier plays in the current bull market upswing. This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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