Rare Trading Note: Half-Hour In

Apparently, the Casino is on rockier ground than we thought.  Because this is how it looked half an hour into today’s session:

We will be updating the 1929 comparison chart on the Peoplenomics site tomorrow.

In the meantime, though, whether this is a small down wave to set up for a summer rally?  Remains to be seen.

Also got a note from Bob Prechter’s Elliott Wave folks:

Cryptos: What the “Bizarre” World of Non-Fungible Tokens May Be Signaling

By Elliott Wave International

The world of cryptos includes something known as non-fungible tokens, which go by the acronym NFTs.

If you’re unfamiliar with them, they’re a bit bizarre but quite simple. Here’s what the April Global Market Perspective, a monthly Elliott Wave International publication which covers 50+ worldwide financial markets, noted:

Investors’ manic behavior has expanded to include non-fungible tokens, paying large sums of money for essentially a picture of something.

Getting more detailed, “a non-fungible token is a unique identification code that is affixed to a [digital] asset using blockchain to distinguish it from all other [digital] assets.”

The April Global Market Perspective provided more insight with this chart and commentary:

The chart shows the performance of one of the most unseasoned of all collectibles, the non-fungible token (NFT), which first hit the market in December 2017. … In addition to rocketing prices, NFTs surged into the culture at large with tokens tied to everything from basketball and football players to Passover and a Saturday Night Live skit. Capping the rage is a “digital collage” of bizarre, post-apocalyptic images called Everyday, which sold for $69.3 million through Christie’s on March 10.

Well, the NFT craziness has persisted, as the May Global Market Perspective followed up by showing this NFT and saying:

Apparently, NFTs are still a thing. Paris Hilton, who is famous for being famous, garnered a bid of $1,111,211.00 for this Iconic Crypto Queen token on [April 25]. The absurdity of it all is not lost on everyone. “Each market frenzy seems crazier than the last,” says MarketWatch.

As for one of the latest developments, on June 10, Barron’s showed this image under the headline:

‘Covid Alien’ CryptoPunk Sells for $11.75 million in Sotheby’s Sale

The reason for pointing out investors’ interest in non-fungible tokens is to emphasize the level of financial mania that has been reached.

The monthly Global Market Perspective employs Elliott wave analysis to forecast what’s next for cryptos, global stock markets, rates, metals, energy, forex and much more.

If you’d like to learn how the Wave Principle can help you analyze financial markets, you are encouraged to read Frost & Prechter’s Wall Street classic book, Elliott Wave Principle: Key to Market Behavior. Here’s a quote from the book:

In the 1930s, Ralph Nelson Elliott discovered that stock market prices trend and reverse in recognizable patterns. The patterns he discerned are repetitive in form but not necessarily in time or amplitude. Elliott isolated five such patterns, or “waves,” that recur in market price data. He named, defined and illustrated these patterns and their variations. He then described how they link together to form larger versions of themselves, how they in turn link to form the same patterns of the next larger size, and so on, producing a structured progression. He called this phenomenon The Wave Principle.

Although it is the best forecasting tool in existence, the Wave Principle is not primarily a forecasting tool; it is a detailed description of how markets behave. Nevertheless, that description does impart an immense amount of knowledge about the market’s position within the behavioral continuum and therefore about its probable ensuing path. The primary value of the Wave Principle is that it provides a context for market analysis. This context provides both a basis for disciplined thinking and a perspective on the market’s general position and outlook. At times, its accuracy in identifying, and even anticipating, changes in direction is almost unbelievable.

Good news! You can read the entirety of the online version of the book for free!

All that’s required for free access to Elliott Wave Principle: Key to Market Behavior is a free Club EWI membership. Club EWI members enjoy free access to a wealth of Elliott wave resources on investing and trading.

Just follow this link and you can have the online version of this Wall Street classic on your computer screen in moments: Elliott Wave Principle: Key to Market Behavior — free and unlimited access.

This article was syndicated by Elliott Wave International and was originally published under the headline Cryptos: What the “Bizarre” World of Non-Fungible Tokens May Be Signaling. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.”

Is the world nuts?  You really need to ask?

Write when you get rich,


28 thoughts on “Rare Trading Note: Half-Hour In”

  1. I see your first chart graphic, but none of the crypto images that are mentioned. Is it just me? Tried with both dissenter & opera browsers on windoze.

  2. George
    I have an alternative theory as to what is going on with humans lately.
    The Sun dragging the Earth along with it as it orbits the center of our galaxy is passing through a region of space having high concentrations of Bizarro gas.
    This gas permeates our planets atmosphere and is breathed in by people.
    Not all humans are affected by this gas but many are. In particular those who believe in the Something for Nothing scenario!
    Since it is not yet possible to measure the concentration of Bizarro gas in the atmosphere my theory is as good as anybody else’s theory.
    In an attempt to get rich quick I will soon be marketing Anti-Bizarro gas masks. Sort of like the scams run during the Halley’s Comet pass back in the 1800’s.

    Have a great weekend!

    • “I have an alternative theory as to what is going on with humans lately.”

      I have one to Mike…
      MORAL DESENSITIZATION.. watch network television for one hour and count the cruelty and crimes that are justified.. take away the adult supervision by making everyone work longer hours at lower wages..
      Minimum wage if it had kept pace with the economy and the inflation would be someplace around forty dollars an hour..

      The last time there was a trend similar to this it was coined the DARK AGES…

      • Not South Park! I’m not a cardboard cutout!

        I’m generally BROAD minded, as you probably know.

        One fond memory from long ago was relaxing on a couch, enmeshed with my kids’ mother, with B&B on a TV. It was so ridiculous that we couldn’t help laughing along with Beavis’ crazy cackle, and after a while, we were totally silly and happy. We probably each lost 20 IQ points temporarily, but so what – we were happy together.

        When you have kids, they’ll find pop culture(such as it is) regardless of what parents do. I just let them have free access to the internet, with some time limits, and they formed their own value systems very similar to that of their parents. Yes, they spent too much time with video games, but then two of them managed to monetize them, so that worked out. They also learned video editing skills which are very useful these days.

    • Mike the only good that I have found for Elliott is mental masturbation. Seems like about maybe 10 yrs ago Ure announced that the world according to Elliott would be ending soon. The webb site he gave you is even worse. They are all such good writers that its hard not to believe them. If you have the time to study elliott let me know how it worked out in about 5 years.

      • “Elliott is mental masturbation.”

        OH JOE.. you missed the Memo on the new Congressional holiday between the summer work period or Recess for congress.. the plan is to call it.. Congress’s JACK OF IN JULY most important holiday for them of all..

  3. Well, we now have our scapegoat — the person who can legitimately be blamed for the DJIA-1000 market crash. Of course, with the FED staffed by ego-driven megalomaniacs, what we’ll actually see is the result, after a joint “Plunge-Protection” and “Global Coordinated Intervention.”

    Not gonna work forever, and when it stops working, we are SO fux0red there’ll be nothing in the entire known history of the World, to which to compare it…

  4. they havent just broken the indexes !!! they are machiavellied baby !!!!!!!!!! yeeehhhhaaaaa !!!!!!!!!!!!!!

  5. Well… I made a decision..tractor supply has a sale on..and I was reading about the predictions of horrific droughts and people dying from thirst…so..I’m going to make a small air well..I don’t need one.. but then IF..those predictions come to fruition at least we will have water to drink…
    The wife will throw a fit.. but it’s better to have it and not need it than to need it and not have one

  6. https://www2.elliottwave.com/images/club/web_ads/210616-AFFA-BS-IconicCryptoQueen.jpg

    LOL LOL LOL….. well the only thing I thought she was famous for is for her movies. couldn’t act, can’t sing but she sure could take her grampa’s money and buy fame… LOL LOL I wonder if that is why they have the girl holding the symbol in the photo.. LOL LOL LOL
    I use to think if I ever won the lottery.. besides putting a fridge on the porch and a car on cinder blocks in one of those fancy pants neighborhoods and having the ugly suit shop for anyone wanting to be my friend.. I would go and hire poperatzi to follow me around asking me for autographs.. in places that the famous hang out.. LOL LOL LOL LOL LOL ignore them and head for the loob… LOL LOL LOL LOL… it would be hilarious.. ( the little boss thinks I have a sick sense of humor )

    • Not good art — not even good CG cartoon or caricature art, and the head was done, then stuck on the body without even attempting to stitch the images together. It looks like a 3rd grader tried to make a Kagaya…

      IMO the buyer is “Paris Hilton,” and “yes,” I DO think a wealthy, bobble-headed bubble-head would resort to shill-bidding to “establish a worth baseline for her ‘artwork.'”

  7. A daily fractal replay of 1929:: 11/27-29/22-23 of 27-29 days
    The 1877 145 year US Hegemonic Second Fractal Collapse – A Fractal Decay Pattern Replay of 1929’s y/2.5y/2.5y::11/27/29 day Pattern …………………………………………………………………………………………………………… Bitcoin’s final weekly decay sequence is 7/17/17 weeks vice 7/17/16 weeks.
    ……………………………………………………………………………………………………………Propelled with 16 months of monthly record percentage of GDP COVID-related western world stimulus augmentation and with accompanying negative and record low 30 year western sovereign bond rates , western equity composites from their March 2020 lows have grown and will collapse in a self assembly x/2.5x/2x/1.6x weekly Fractal (mostly) growth and decay series :: 9/25/20/16 weeks (with ideal base of 10 vice 9 weeks as determined by the length of the second fractal 25 weeks).
    The final self organizing deterministic daily decay fractal pattern for western equity composites: y/2.5y/2.5y is nearly identical to the 1929 peak valuation and initial collapse : 11/28-29/27-28 days. Friday was day 22 of a 27-28 day third fractal of the the decay series. Next week is week 16 of a 9/25/20/16 weekly series.

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