Bitcoin Initial Coverage - Bullish (Update 10/28/19)

Bitcoin is on track for a test of the all time high around 20,000. I have a projection well beyond that but I will keep it to myself for now. 

Update 8/6/19: See chart below

Weekly bitcoin chart showing next price target(dashed line) Click to enlarge.

Update 10/28/19:

Bitcoin has most likely completed it's correction and now looks poised to test the all time highs around 20000 within the next several months(with corrections and pauses along the way). Even if the correction is not over, the price low of the correction has probably been made.

Stocks Making Double Top?

The Dow Jones Industrial Average and S&P 500 look to be making a correction wave double top with the April and current highs. This would be followed by a multi-month stock decline within this ongoing wave 4 correction. See chart below for price projection.

Update 7/21/19: See updated S&P 500 wave projection below.

Chart of  DOW 30 showing price projection

S&P500 updated wave projection 7/21/19

First GLD Target Reached. New Higher Gold Price Target.

GLD reached the target given in the June 5th update. The new price target for GLD is 145.5 to 152. See chart below. In the short term gold is overbought and may have a correction before the gold rally resumes. 

Monthly Chart of GLD Showing Price Target Projection (click to enlarge)

Gold Update

See attached chart for price targets.

GLD Daily chart (click to enlarge)

Gold Near Low?

Gold may be near an intermediate or larger degree low - see orange line on chart below. If it holds above the April low, that would be a triple bottom formation.

Daily Chart of Gold CFD's - click to enlarge

Dow Update Revision - Near Potential High of Year?

This is an update to the prior Dow update on April 14th due to a program bug I discovered this week in one of the main programs I use. After adjusting the data for the invalid program dates the cycles are now shown to be neutral to bearish from now through most of the remainder of the year.

The up move that has been in force since December is indicated to possibly end at any time if not at this weeks highs on Tuesday and Wednesday. If so that would make the move up from the December low an X wave. Mid to late May would be the indicated latest date a top would occur.