Bitcoin Poised for Surge into November ’24; Midcap Stocks Concur.
10/09/24 – “Commodity inflation (/deflation) cycles bottomed in September 2024 – ushering in the time for a strong rally in several markets… That was reinforced by other monthly cycles in Crude Oil – also projecting a decisive bottom for September 2024…
Stock Indices remain positive with the DJTA & Russell 2000 correcting (but not turning their daily trends down) while the DJIA, S+P 500 & NQ-100 headed progressively higher. The S+P Midcap 400 is trading similarly.
The DJTA has traced out an entire ‘a-b-c’ decline without turning its daily trend down, a sign that it could be ready to embark on a new rally… An initial high could be seen on October 17/18th.
Similar to the DJTA, the S+P Midcap 400 has stronger synergy of cycles near month-end (as compared to mid-month)… But that might just be a precursor high…
Similar to what occurred in June/July 2024, this could be showing that another push into smaller & mid-sized stocks is on the horizon. Interestingly, the S+P Midcap has its greatest synergy of monthly & weekly cycles converging in late-November ’24.
If a multi-month high were set at that time, it would fulfill the following cycles & timing indicators:
- ~13-month/~56-week low-low-(high; late-November ’24) Cycle Progression.
- ~8-month/34 – 35-week high (late-March ’22) – high (late-Nov ’22) – high (late-July ’23) – high (late-March ’24) – (high; late-Nov 2024) Cycle Progression.
- ~4-month/~17 – 18-week high-high-(high; late-November ’24) Cycle Progression.
- ~2-month/~8 – 9-week high-high-(high; late-November ’24) Cycle Progression.
- ~15-week low-low-high-(high; late-November ’24) Cycle Progression.
- ~5-week low-low-low-high*- (high; late-November ’24) Cycle Progression… *if the S+P Midcap rallies into October 14 – 18th.
- Back-to-back-to-back-to-back ~13-month rallies (Dec ’18 – Jan ’20, Mar ’20 – Apr ’21, June ’22 – July ’23, Oct ’23 – November 2024).
So it is possible, if it emerges as expected, that a late-October peak would only be a penultimate one… with the ultimate IDX peak waiting until late-Nov ’24.
The S+P Midcap 400 remains in a bullish setup after setting multiple peaks at 3120 – 3140/IDX. The latest spurred a brief pullback that twice neutralized (but did not turn down) the daily uptrend while setting successive lows at the rising daily 21 High MAC and reversing higher repeatedly (without turning the intra-month trend down).
All those factors are likely to spur a breakout higher that could see a quick, accelerated rally… On a 1 – 2 month basis, the NQ-100 has wave objectives converging near the July ’24 peak – around 21,200/NQZ..
Bitcoin & Ether are in no-man’s land, trading within their month-opening ranges as Bitcoin just dropped to its rising daily 21 Low MAC. They are still expected to set important peaks in November 2024 – the next phase of the ~8-month (& midpoint of the ~16-month) Cycle Progressions that timed the March ’24 top.
On a broader basis, Bitcoin is poised to set a future high (above its late-September high) ideally on Nov 4 – 15, ’24, when the related 34 – 35-week cycle recurs. That would also complete a .618 rebound in time (21 wks down, 13 wks up).
The action of the next 1 – 2 days should help clarify how much higher Bitcoin could reach by then (and whether lower intra-month lows will occur first). See the October 3, 2024 The Bridge for more details.”
Bitcoin is reinforcing its July/August ’24 lows and projecting a surge to new (all-time) highs leading into November 2024. Stock indexes are corroborating that outlook, projected to first rally into October 17/18th and ultimately into late-November 2024.
This reinforces the overall outlook for 2024 and is providing powerful clues about related markets and events. With Gold cycles peaking in late-October ’24, the ideal time for an accelerated surge in Bitcoin is after that (see ‘Rock, Paper, Scissors’ analogy)… when ‘anti-Dollar’ competition is reduced.
(Refer to October 3, 2024 The Bridge – Currency War: Rock, Paper Scissors and other special updates and reports for additional analysis.)
What Would a Bitcoin Surge into mid-November ‘24 Reveal?
How High Does Bitcoin Wave Structure Project for Wave V?
Does Projected Stock Surge into late-November Corroborate?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.