Gold, NVDA, Bitcoin & Cycle Shifts; The July Reactions. Crescendos & Culminations; Why is July 22 - August 16th the Key?
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Bitcoin Fulfilling July 10th Buy Signal;
NVDA Validating Sell Signals & Downside Targets…
Gold Fulfilling Major Cycle Peak in July 2024!
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07/20/24 - “Stock Indices are whipping in both directions with the small caps surging into mid-July ’24 cycles as the NQ-100 fulfilled the contrasting outlook for a quick, sharp drop into ~July 19th (as part of what could be a larger correction into mid-August ’24).?
This type of divergence is expected to continue throughout much of 2024 with a final peak expected - at least in some (possibly all) of the indexes - in October 2024.?
In the interim, a penultimate peak in July 2024 would reinforce that scenario and provide an even closer parallel to 2007.? This, too, could occur in divergent phases (NQ in early-July, others in mid-July and DJTA possibly in late-July).?
The recent action is very similar to what occurred in July 2007 - the previous phase of the 17-Year Cycle.? At that time, the DJIA consolidated in May & June ’07 and then surged during the second week of July (July 9 - 13, 2007) before spiking higher on July 16 - 20, 2007 & setting a new 1 - 2 month peak. It then sold off into mid-August ‘07 before rallying into mid-October ‘07 and setting a final peak.
In 2024, the DJIA consolidated in May & June ’07 and then triggered a bullish surge during the second week of July (July 8 - 12, 2024) before spiking higher during the ensuing week (July 15 - 19, 2024).
Will it repeat the pattern for mid-July - mid-Oct.?
The NQ-100 fulfilled multiple monthly timing projections with its July ’24 peak.?
That completed two successive advances of ~20 months each (2020/2021 & 2023/2024).? That second ~20-month rally was split into successive ~9-month advances that occurred 12 months apart (Oct ‘22 into July ‘23 and Oct 2023 into July 2024).?
It also fulfilled a number of upside price and wave targets while setting its July 10/11th peak.? That combination of timing and price fulfillment reinforced the outlook for a sharp sell-off into ~July 19th and ultimately into August (mid-August?) 2024…? ???
Stock Indices are showing more mixed signs with the NQ-100 reinforcing its daily downtrend and fulfilling its outlook for a plunge into [reserved for subscribers] … even as the DJTA remains in a daily uptrend and could see another rally to new 2024 highs…
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Dollar/Forex
The Dollar Index is fulfilling ongoing analysis for a decline to, at the very least, the early-June low of 103.25/DXU.? That would also fulfill a ‘c = a’ correction target at 103.04/DXU (July decline = May/ June decline) and could lead to a retest of the 2024 year-opening range - the high of which is 102.80/DXU - a pivotal level of resistance turned into support on an intra-year basis.?
However, the Dollar Index does remain in an intra-year uptrend and just tested and rebounded from the rising weekly 21 Low MAC…
The Euro is the inverse and surged to its weekly LHRs and retested/exceeded its early-June peak and year-opening range low - both near 1.0960/ ECU (also the upper end of monthly resistance) - fulfilling the primary upside objective for this rally…
Bitcoin/Ether
Bitcoin & Ether have surged after bottoming in sync with monthly, weekly & daily cycles that projected a low around July 8th followed by a surge into August ’24 - the next phase of a ~5-month/~22 - 24-week Cycle Progression in Ether - that was/is expected to carry them back to their 2024 highs.
2 - 4 week traders could have entered long positions in Bitcoin & Ether near 58,600/BTU (57,350/BT) & 3,180/ERU (3,100/ETH) on July 11/ 12th and should be holding those long positions w/avg open gains of about ~$50,000/Bitcoin contract (~$10,000 per bitcoin) and ~$21,000/Ether contract.?
Move trailing stops and now exit [reserved for Weekly Re-Lay subscribers]…
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Gold/Silver
Gold & Silver have fulfilled the overall outlook (since October ’23, mid-Feb ’24 & early-June ’24) for a rally into July 2024 - the most likely month, cyclically-speaking, for a spike high and resulting 2 - 3 (or 3 - 6) month peak.
Gold’s rally into - and a peak during - the month of July 2024 would fulfill what has been projected since the March 2022 peak and since the ensuing May 2023 peak… and since the October 2023 low.
That includes a ~28-month low-low-high-(high; July 2024) Cycle Progression, an uncanny ~14-month low-low-low-low-high-high-high-(high; July 2024) Cycle Progression and a ~7-month high-high-high-(high; July 2024) Cycle Progression.
Weekly cycles concurred.?
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If Gold was to fulfill a ~31-week low-high-high-(high; July 8 - 15, ‘24) Cycle Progression - that has governed it since Gold’s 7-Year Cycle bottom in Sept 2022 - it needed to peak on/near July 8 - 15, ‘24.?
Gold spiked higher into July 16/17 and reversed lower, leaving the July 12th weekly close as the higher one… reinforcing the potential for a peak.
Gold’s weekly trend structure was also expected to help pinpoint a top… which it has now done.? As explained before, the likely scenario was that Gold would rally back to its high but not turn its weekly trend back up - ushering in a peak.?
That is exactly what unfolded with Gold failing to reverse its weekly trend up while retesting and reversing lower from its two previous peaks.
At the same time, Silver - which had its greatest synergy of cycle highs in May 2024 - set its highest weekly close on July 5, 2024 (without exceeding the intraday & intra-week highs of May 2024) - fulfilling its intermediate cycles.?
It quickly turned its daily trend down and is expected to drop into late-July/early-August when multiple weekly cycle lows & timing indicators converge.?
A drop to 26.50 - 27.00/SIU is likely.
Gold’s rally into July 2024 also fulfilled the ongoing parallel to the 2016 - 2020 bull market that has unfolded since late-2022.? In both bull markets, Gold initially rallied for 7 - 8 months and then sold off for ~5, retracing 70 - 75% of the initial rally.
In 2016/2017, Gold subsequently rallied for ~9 months - into Sept 2017 - before setting a multi-month peak.
In 2023/2024, Gold was forecast to do something similar and rally into the month of July ‘24 - a ~9-month advance from its Oct. ‘23 low.
The bottom line is that Gold has precisely fulfilled 2 - 4 week, 1 - 3 month, 3 - 6 month, 6 - 12 month & 1 - 2 year projections - all focused on July 2024 as the ideal time for a multi-month (possibly multi-quarter) peak. Confirmation is now needed.
XAU/HUI
The XAU & HUI rallied into multi-week cycle highs with the XAU surging right to its 3 - 6-month & 6 - 9-month upside targets and reversing lower.? That was also in perfect sync with the weekly LHR indicator, fulfilling what has been described for ~4 months - including the April, May & June ‘24 INSIIDE Tracks:
3-28-24 - “Ultimately, this multi-month advance should at least make it to 157.50/XAU - where the rally from October ‘23 would equal the ~7-month rally from Sept ‘22 into April ’23.”
It also had the XAU & HUI fulfilling exactly what was described in the June 19 Weekly Re-Lay Alert while setting the stage for August & September…
The 157.50/XAU upside target was reinforced by weekly & monthly extremes (LHRs) at 158.10 - 159.04/XAU with July 17 - 19th being described as “the ideal time for the next peak”.?
The XAU peaked on July 17th at 158.41/XAU.
A daily close below xxx.xx/XAU is needed to turn the daily trend down and confirm a multi-week top.”
- July 20, 2024 Weekly Re-Lay
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July 19th Action Validates Sell Signals in Gold, Silver, Nasdaq-100 (and NVDA) & S+P 500… and Buy Signals in Bitcoin & Ether!
July 22 - 26th Poised to Confirm Pivotal Reversals.
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Gold July 2024 Cycle Highs
For almost two years, INSIIDE Track & the Weekly Re-Lay have projected Gold to surge into July 2024 and then set a decisive peak at that time.?
The rationale for this conclusion has been repeatedly detailed so that readers could see when, how AND why a major bull market and a critical top would likely unfold.
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Gold has done exactly that - surging into July 2024 and setting a decisive peak.? Downside targets for Gold & Silver have already been published but it is the ‘unintended consequences’ of this potential drop that could be the most significant.
Most indicators project a sharp late-July sell-off in Gold, Silver and tech stocks… as a precursor to what is forecast for August 2024.? (Downside targets for NQ-100 & NVDA previously published... and remain intact.)
Watch July 24 - 26th!
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Specific analysis, targets, cycles & projections will continue to be published in related Weekly Re-Lay & INSIIDE Track publications.
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TRADING INVOLVES SUBSTANTIAL RISK!
More information can be found at www.insiidetracktrading.com.