02.05.2022

WEEKLY CHART: The asset has had 2 major (recent) 50% plus corrective moves. The subsequent rallies have been tremendous, once the position clean-up happened. There is now a lot of HOT MONEY trading this, but the patterns don’t lie. Most importantly, this has now been entrenched in the RISK equation, and it is, in a way, a leading factor. This chart is constructive.

DAILY CHART: The 40K mark is acting as a PIVOT for the asset, we are watching price action on the daily chart and want to see how it translates to other RISK assets, especially interesting is the correlation with the TECH indices.

CORRELATION CHART: There is an obvious VOL discrepancy, but the directional congruence is something that merits our attention.